Most Common Problems Home Loan Borrowers Face
2. Non-refundable processing fee
You might be aware of non-refundable processing fee. When you apply for a home loan the bank would ask you to pay 0.25 percent or 1 percent of loan amount which is nothing but the processing fee. Usually the processing fees are non-refundable. In other words even if the bank rejects your application this fees won't be returned to you. The fees you give are considered as the cost of applying for home loans. If suppose, the bank you have applied to states that it will refund the processing fees even when the bank doesn't sanction you the home loan, it is advisable to get such declaration in writing and also ensure that the clause is enforceable. Verbal statement by bank authorities is of no use unless it is properly and legally documented.
Read More:
Withdrawal Of Pre-2005 Notes Is Not To Check Black Money: Raghuram Rajan
