The home loan helps us to own a house. A home loan is considered of legal, technical or many other aspects. There are some small banks or non-banking financial institutes which do not have a structure to get all this done. We know that there are a lot of loan providers out there who are ready to provide a loan at our doorsteps. Every company has its strategy or way to provide a loan. They have their rate of interest accordingly also the process of applying for loan differs company to company. You are anyway going to apply for a loan if you are at the initial stage so considering that you should know the detail process of applying for home loans. There are various factors that need to be considered while applying.
Some banks don’t tell us the charges which are applicable hence they remain hidden from the borrower and bank keeps changing the charges. Many times a total of some charges is always greater than the processing fees. You can’t avoid legal fees advocate fees or valuation fees because they are mandatory and these fees may not also be refundable. There are often some hidden charges in the process of the home loan. Apart from rate of interest, processing or administrative fees of any nature, commitments fees which are rarely charged, legal fees that are payable to a legal consultant, technical evaluation charges that are payable to the lender’s technical consultant. Considering Indiabulls Home Loans the other charges are not much. But it can be late payment charges, technical valuation charges, stamping charges of a loan agreement, charges with the statement of account, processing fees, database admin fee etc.
Hidden home loan charges can be big time deceiving and fraudulent attempts by the bank to make more money from the borrowers. There are no definite rules or the guidelines of hidden charges because they are molded. Keep in mind that with every loan some other charges are gifted with it. You need to study those charges once before applying for a loan or have a clear-cut conversation with banks about the hidden charges. Believe the banks who have a transparent processing and has all the predefined charges written. Considering DHFL home loan they have stated the charges like processing fees that is non-refundable, modification charges, technical fees etc.
One hidden charge states that you need to pay fees to get the original photocopy of the documents when you submit the original documents for applying for a home loan. A company may have a transparent process for the same which makes available easy steps to grab a loan. The rate of interest is the main factor but how will you come to know that are there any hidden charges in a home loan or not? See, the important factors that matter in the process needs to be considered. You cannot avoid them. Some borrowers are unaware of the other charges that will be applicable. The company has very transparent process hence they already list down other required charges. So a borrower needs to be very clear about the other charges too.