Getting a Home Loan is a major long term commitment. Before you sign up for one, you should make sure you have gotten the best deal possible. CompareBanks.com gives you all the information you need to make a decision that serves your needs best. You can quickly and easily compare rates, terms, and fees ensuring you get the Home Loan you want.
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Always remember, taking too many loans will restrict your credit worthiness. Keep your credit score in good shape by making consistent repayments of any Loans / bills.
- Early Settlement charges: When you want to settle your Home Loan before your tenure is over, your bank will charge you a fee to avail this facility. Be sure that you know all the early settlement options with your sales representative before taking the loan.
- Partial Payment Charges: You can also make partial payments against your loan; most banks have partial payment option in you pay part of the loan through a predefined policy. Whether this free of cost or charged varies from bank to bank, make sure you discuss this with your sales representative.
- Application Processing Charges: This is a fixed onetime cost the bank will charge to process your application.
- Late Payment: In case you miss your monthly payment’s due date, you will be charged a late payment fee.
- Legal Fees: These are any legal fees that can arise, such as property documentation, transfer documentation etc. These fees are required to be paid before the loan is disbursed to you, make sure you know how much these charges are.
- Make sure that you know and are ready to pay these charges are taken before disbursement of the finance
- Property Evaluation: In processing your case, the bank will evaluate the property you are interested in purchasing with your Home Loan. The bank will charge you for evaluating the property. Some banks conduct multiple appraisal on the property you wish to purchase make sure you discuss how much this will cost you.