This fee is usually a fixed percentage of the loan amount and is non-refundable. HDFC charges a processing fee of 0.5% of the loan amount or Rs 3,000 (whichever is higher), plus applicable taxes.
Also, does HDFC home loan include registration fees?
A home loan is assessed basis LTV % on the value of property and does not include the cost of registration or stamp duty.
Also know, how can I prepay my HDFC home loan online?
How do I get my home loan processing fee refund?
Home loan processing fees are not refundable. These are one-time payments and are a part of the loan application process. The home loan processing fee, however, is not fixed.
First, you’ll need to pull out your credit card statement. Next, you’ll need to take the total amount deducted for processing and divide it by the amount of your total monthly sales that paid using credit cards. The result is your effective rate, the total amount your credit card company is charging you.
“In most cases, processing fees once paid are non-refundable. … “Typically, public sector banks charge processing fee after the loan is sanctioned while private sector banks charge upfront,” said Aditya Mishra, CEO, Switchme.in, a platform that helps borrowers shift their home loans to other financial institutions.
Franking charges are to be paid to the authority for stamping your paper. The charges are usually 0.1% of the total purchase. In other words, franking charge is a fee that has to be paid to the bank or agency, for stamping the property papers that serve as a legal proof of payment of stamp duty.
Example: if $100 is to be credited, $100 + 3% fee = final amount. In other words: $100 + $3.09 = $103.09. The $3.09 fee is exactly 3% of $103.09: $103.09 * 0.03 = $3.09. To find the final amount that will be charged to credit card or Paypal, divide the amount to be credited by 0.97: $100 / 0.97 = $103.09.
|DD/MC Charges Through Branch|
|Free upto Rs.25,000 Above Rs. 25,000 Rs.5 per 1000 (min Rs 75/- & max Rs. 10,000)|
|DD request through Netbanking|
|Upto Rs. 10 Lakh||Rs .50+(Corr. Bank charges if applicable)|
|Third party DD upto Rs. 1,00,0000||Rs .50+(Corr. Bank charges if applicable)|
The Memorandum of Deposit (MOD) is also one of the most important charges you have to pay while applying for a home loan. This MOD is required to confirm that you have deposited your property’s title deed to the bank as loan collateral. MOD charges may vary across states and are usually in the range of 0.1% – 0.5%.
Memorandum of Deposit or MOD in home loan is executed between banks and borrowers for obtaining home loan. The banks levy MOD charges for home loans along with the processing fee and other costs.
Loan processing charges: The bank has to bear some administrative costs while processing and sanctioning your loan. This is usually a small amount, which varies from bank to bank and typically costs about 0.5% to 2.50% of the total amount of the loan.
Stamp duty is the tax you pay to the Indian government to legalise the necessary documents required to complete the purchase of your home. On the other hand, franking happens only after you pay the stamp duty and involves the process of stamping these legal documents as a confirmation of paid stamp duty.
The “Processing Fee” is the total cost charged per online transaction. Percentage Fee – Is charged once, based on the order amount. … Transaction Fee – This is a flat dollar amount charged based on the number of transactions.