The application form must be supported with valid documents to substantiate the facts.7.blogspot.25% to 1% of the loan amount to be submitted as the processing fees.Processing fees for home loans in IndiaAn important thing to note about home loans is the processing fee. The obvious remedy to this tricky situation is to get the property valued beforehand and have the down payment ready. Income proof Age proof Identity proof Address proof Employment details Proof of educational qualifications Details about the property if finalized Bank statementsThe purpose of the entire exercise is to ascertain the suitability of a applicant for a home loan. This processing fees is generally NOT REFUNDABLE. Though the requirements may vary from bank to bank but there certain thing which every bank will Home Appliance Metal Part Manufacturer ask. It could be the age criteria, income criteria, proper documents not being submitted, the bank not being able to verify your details properly, not passing the field investigations conducted by the bank and many more. The processing fees varies from bank to bank and is generally between 0.
ConclusionThe above mentioned problems are very common, but can be easily avoided if the borrower follows proper procedure, prepares adequately before applying and takes care of correct documentation. The key to getting your home loan in a smooth way is being familiar with the entire home loan process. Even after deciding on a particular loan regime, the home loan terms and condition fine prints can create havoc with your interest rates. Ask your bank for some historic floating rate changes. It is generally a good procedure to check the down payment requirement of various banks and choose the one which requires the lowest amount to be deposited initially or fits your budget well. you can keep them as collateral and ask the bank to finance your home loan. For example even if a borrower has opted for fixed rate home loan and the bank has promised him a rate which he feels is good, the catch is in the fine prints which authorizes the bank to vary this fixed rate every 2 years, things can go worse for the fixed rate borrower.
In the absence of such down payment the bank will refuse home loan to the borrower. The income documents and bank statements provide vital clues to the bank regarding your financial health. The monthly income, financial history, other unpaid loans with the borrower, past repayment record, credit card usage history if any, bounced checks, average balance with the banks, continuity in present employment, total years in employment, nature of employment etc.3. Taking a home loan is a long journey, which involves many stages. If in any case, the bank you have applied to states that it will refund the processing fees in case the bank doesn’t sanction you the home loan, it is better to get any such declaration in writing and make sure that the clause is enforceable
ConclusionThe above mentioned problems are very common, but can be easily avoided if the borrower follows proper procedure, prepares adequately before applying and takes care of correct documentation. The key to getting your home loan in a smooth way is being familiar with the entire home loan process. Even after deciding on a particular loan regime, the home loan terms and condition fine prints can create havoc with your interest rates. Ask your bank for some historic floating rate changes. It is generally a good procedure to check the down payment requirement of various banks and choose the one which requires the lowest amount to be deposited initially or fits your budget well. you can keep them as collateral and ask the bank to finance your home loan. For example even if a borrower has opted for fixed rate home loan and the bank has promised him a rate which he feels is good, the catch is in the fine prints which authorizes the bank to vary this fixed rate every 2 years, things can go worse for the fixed rate borrower.
In the absence of such down payment the bank will refuse home loan to the borrower. The income documents and bank statements provide vital clues to the bank regarding your financial health. The monthly income, financial history, other unpaid loans with the borrower, past repayment record, credit card usage history if any, bounced checks, average balance with the banks, continuity in present employment, total years in employment, nature of employment etc.3. Taking a home loan is a long journey, which involves many stages. If in any case, the bank you have applied to states that it will refund the processing fees in case the bank doesn’t sanction you the home loan, it is better to get any such declaration in writing and make sure that the clause is enforceable
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