Housing loans help us fulfill the dream of buying a house by providing 75%-80% of the money of the property cost. I am sure you must be thinking that you only have to pay the fixed EMI to repay the loan but my friend, let me tell you that it isn’t just the EMI that a housing loan cost you, but there are also several home loan hidden charges that you are required to pay. Read below to know about them:
Loan processing fee to process your loan application. You have to pay it one time depending on the %age of the loan amount you applied for.
Administrative fee for record-keeping and other administrative costs.
Document charges while retrieving documents during the pre-closure or closure of your housing loan. These charges are paid to keep your document safe at a central location.
MODT (Memorandum of Deposit of Title Deed) Charges are executed for a mortgage by depositing the property’s title documents with the banking institution by your choice.
Late Payment Charges are levied when you don’t pay the EMI timely.
Legal fee is charged if your bank opts for a lawyer for validating your home loan’s legal aspects.
Technical inspection fees are charged for the mortgage inspection.
Hidden Charges in Different Banks
IndiaBulls Home Loan Hidden Charges: No (as per their official website)
SBI Home Loan Hidden Charges: No (as per their official website)
DHFL Home Loan Hidden Charges: Besides the interest rate on the housing loan, there are some other charges like prepayment penalties, processing fees, miscellaneous charges, etc.
I hope now you know what are the hidden charges in home loan.
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Authors Of The Question
What are the hidden charges in home loan?
Anonymous
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3 Year
2021-10-07T17:53:45+00:00 2021-10-07T18:46:29+00:00Comment
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