VIGNAAN SHIKSHAKONI TALIM BABAT GCERT NO CIRCULAR

Buying a home Owing to the rising price of properties, it is almost impossible for an average earning person to buy a home on a lump sum payment. So the concept of home loan has come in trend. There are good financing companies and similar number of banks that offer home loans these days. The task of selecting one company and one offer for home loan among the thousands available options has become a very complex task due to the burgeoning housing finance market. Apart from this, there are intricate business jargons and technicalities that make this task more difficult. Explore here the basics of home loan technicalities, so when you apply for the home loan, you can understand the basics and help yourself from the end of the duping elements in the market.

A) Processing fee: It is a fee payable to the loan. It is either a fixed amount or a loan amount b) Prepayment Penalties: When a loan is paid back before the end of the agreed period is a penalty on some banks / companies, which is usually between 1% and 2% of the amount being paid. c) Commitment Fees: Some organizations have a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned. d) Miscellaneous costs: It is quite possible that some lenders may charge a documentation or consultant charges.

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