How to calculate processing fee for home loan?

A home loan processing fee, also known as a loan processing charge, is a one-time fee imposed by lenders when a borrower applies for a home loan. This fee covers the administrative and operational costs associated with processing the loan application. The processing fee can vary from one lender to another. It is important for borrowers to be aware of this fee when considering the overall cost of obtaining a home loan. There is no such home loan processing fee calculator available online. 

What is the Processing Fee for Home Loan Calculator?

You must know how much the processing fee is for the bank where you are planning to get a home loan. In general, it is usually between 0.25% and 3% of the home loan amount. Here is a list of banks and their processing fees:

Bank	Processing Fee (Min %)	Processing Fee Amount (Min)
HDFC Home Loan	0.5%	Rs.3,000
SBI Home Loan	0.4%	Rs.10,000
Axis Home Loan	1%	Rs.10,000
LIC Home Loan		Rs.10,000
IOB Home Loan	0.5%	Rs.20,000
IDBI Home Loan	0.5%	Rs.2,500
PNB Home Loan	0.35%	Rs.2,500
HSBC Home Loan	1%	Rs.10,000
Union Bank of India	0.5%	Rs.15,000

However, it will be better if you visit your bank’s website and clarify the fees again. 

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I suggest you calculate the processing fee while applying for a home loan. A processing fee is a one-time payment that is calculated as a percentage of the loan amount requested. The cost of credit evaluation and loan processing is levied as a processing fee ranging from 0.50 percent to 2.00 percent of the loan amount. In addition, 18 percent GST is applied to this price. As a result, it is vital to evaluate the whole value of a home loan before signing the loan agreement. The cost of charges and fees varies depending on the applicant's eligibility, loan requirements, and credit policy of the lender. I will guide you on the processing fee for home loan.

How to calculate processing fee for home loan?

A Home Loan Processing Fee is a one-time fee that is assessed when a Home Loan application is submitted. The fee is applied to the loan's administration and processing. The processing charge is determined by the loan amount and the credit policy of the lender. Processing fees typically range from 0.50 percent to 2.00 percent of the loan amount approved. It will also be subject to 18 percent GST. Including denied loan applications, the administration charge component of the processing cost is non-refundable.

Guide to compare processing fee for home loan:

You can use several approaches to compare processing and all other essential fees. It will help you understand the difference between all the lenders and decide the best one to go with. It’s really a good idea to compare charges as it gives better picture clarity and saves your money and efforts. 1) You can conduct an online search, as all banks publish their charge schedules on their websites. You will easily find their processing fees along with all the essential charges. 2) You can even speak with a loan distributor to know the charges. A specialist loan officer can assist you in finding and comparing processing fees charged by various lenders. 3) Several websites include a number of charts that compare different features of house loans, such as interest rates and processing fees. You can calculate eligible home loan amount, it will help you to understand about processing fee for home loan. I used the NB service and I have no complaints. I borrowed a loan from NoBroker at the lowest processing fee, you should also give it a try. Read More: What is the processing fee for home loan? What is the processing for home loam in HDFC? What is the processing fee for SBI home loan?