Depending on the type of housing loan you apply for, you will have to pay various charges, including:
An upfront processing fee of ₹5,000 plus GST shall be collected at the time of application submission. The balance processing fee, as applicable, shall be collected at the time of loan disbursement.
The processing fee is a non-refundable fee collected by the Bank for the purpose of reviewing the loan application and same is independent of the outcome of such assessment.
2. Prepayment charges: If you repay the loan before the tenure ends, a prepayment penalty applies.
3. Conversion fee: Applicable if you switch to a different loan scheme to reduce interest rates.
4. Home insurance: Required throughout the loan tenure. The premium for the insurance policy is paid directly to the insurance company.
5. Cheque dishonour charges: If your cheque bounces due to insufficient funds, dishonour charges will be levied.
6. Default charges: Failure to pay EMIs on time will result in penalty charges.
7. Change in loan term: Nominal charges apply if you change your loan tenure after the loan is approved.
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