When you take a home loan, you don’t just pay the EMI on the loan. There are several other charges, though not all apply to every case. There could be a processing fee of about 0.5-1% of the loan amount.
At times, the lenders waive it. For some high-value properties, two valuations are done, and the lower of the two is considered for loan sanctioning. The lenders call it technical evaluation fee-most lenders engage firms to scrutinize borrowers’ legal documents. Generally, banks include this cost in the processing fee, but some public sector (PSU) lenders charge it separately.
The following factors are to be considered when you apply for a Home Loan:-
Choose a lender who offers the lowest EMIs, i.e., you pay substantially less in repayments as compared to others.
The lenders offering the longest tenure of, say, 30 years many not always be a good thing. Opt only if one is sure to repay early without prepayment charges.
See if the lender includes the cost of furnishing the house in the project cost.
Choose lenders offering daily or monthly reducing balance, unlike the annual reducing balance method used by several financiers/banks.
You can apply for an attractive offer with best possible rate of interest and terms for Personal, Business and Home Loan.