Yes bank Home Loan - Fees and Charges

The bank levies certain types of charges on all loans that it issues. The list of charges is given below:

  • Loan Processing Charges: Also known as origination charges. These charges are levied as per the rate matrix in force.
  • Prepayment fees:  Pre Payment is a facility offered by the bank wherein, the applicant can choose to close his loan much before the stipulated time. The bank levies no foreclosure charge on loans issued under floating rate of method. However, the minimum amount of prepayment should be equivalent to the value of at least one EMI.
  • Stamp Duty: These charges are levied as per the state law.
  • Penal interest for late payment: The applicant must make sure to make payments towards his EMI’s on time within the specified due date. IF he/she fails to do so, the bank levies a penal interest standing at the rate of 2% per month on the due amount.
  • Cheque Swap charges:  The bank charges Rs.500 for every cheque swap instance.
  • Cheque Return Charges: The bank levies a penalty of Rs.750 per instance of cheque dishonor.
  • Charges for Amortization Schedule: The bank also issues an amortized schedule of the applicants loan account. Such an amortized schedule contains a chronographic detail of the applicant’s loan account. The bank charges Rs.500 per amortization schedule.
  • Account statement Charges: The bank levies a statement charge Rs.100 for every account statement that it issues.
  • Prepayment statement charges: The bank issues a prepayment statement by taking a charge of Rs.100 from the applicant.
  • Duplicate NOC issuance Charges: The bank also issues copies of NO Objection Certificate on customer’s demand. However, A charge of Rs.100 will be taken from the applicant for every duplicate NOC that the bank issues.
  • Loan cancellation and rebooking charges: The applicant can also opt for cancelling his loan with the bank before the entire disbursement of the loan has been done. However, the charge for this facility stands at Rs.2000, as applicable from the date of the first loan disbursement till the cancellation request date.
  • Legal, Repossession and incidental charges: These charges are levied on actual basis
  • Document Retrieval charges: The bank charges Rs.500 for retrieval of property documents.
  • Switch Fees: The applicant can also opt to switch from floating rate of interest type loan to fixed interest type and from fixed interest type of loan to floating rate of interest type of loan by paying a charge of 0.5% on the principal outstanding loan amount.
  • Conversion Charges: The bank levies a conversion charge standing at the rate of 0.5% on the principal outstanding loan amount.
  • CERSAI charges: The Bank levies a flat charge of Rs.500 against this.
  • EMI cycle change: The applicant can also opt for a change in his existing EMI date to a suitable date by bearing a minimal charge of Rs.500
  • Creation of charge with ROC: These charges are levied on actual basis.
  • Valuation charges: These charges are levied on actual basis.
  • Legal Charges: These charges are levied on actual basis.

The above mentioned charges are exclusive of applicable taxes. Service tax and other statutory taxes as applicable will be levied over and above the mentioned charges.

 
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