Ready to buy your dream house? Before applying for a home loan, keep in mind the various related charges and processing fees that come along with a home loan.
Home Loan Processing Fee is charged by lenders to cover the costs of processing a home loan application.
Home Loan Processing Fee is usually a percentage of the total loan amount and is paid by the borrower at the time of loan application. It is up to 1% for Home Loans from PNB Housing.
The processing fee covers expenses related to activities such as credit checks, property valuation, legal documentation, and administrative costs.
Delayed payment
If a borrower misses the EMI, then this delayed payment can lead to penalty charges.
Insurance Against Property
Insurance against property is charged to safeguard against liability under unfortunate circumstances.
Prepayment Charges
Prepayment charges may be levied if the borrower decides to close the loan before its maturity.