Although we save money to fulfill our dream of owning a house, many times we postpone this dream due to lack of money. In such a situation, a home loan is very useful to realize this dream on time. With the help of a home loan, we can fulfill our dream, but it is also important to pay it on time.

If you are also thinking of taking a home loan, then apart from the terms and conditions, you must know which charges you will have to pay on taking the loan.

Application charge
Whenever you apply for a loan, you have to pay this charge. Even if you do not get the loan, this fee will not be refunded. In such a situation, financial advisors advise that before applying, you should make sure from which bank or financial institution you want to take the loan.

Mortgage deed charge

When selecting a home loan, the mortgage deed charge is the biggest. It is taken on the basis of the percentage of home loans. However, many banks and NBFCs waive this charge.

Legal Fees
After the application of the borrower, the bank or institution appoints external lawyers. The lawyer investigates the property and legal status of the borrower. For this, the lawyer's fee is paid by the customer itself. If you want to save legal fees, then you should find out in advance whether the project you are investing in has received approval from the bank or financial institution or not.

Prepayment Charges
Many times, to finish the loan before time, a part of the loan is paid before time. This is called prepayment. In this situation, the bank charges a prepayment charge or penalty to cover its cost and loss of interest rate. This charge is different in all banks and financial institutions. Apart from this, it also depends on the type of loan.

Commitment Fees
Many banks charge commitment fees from the customers. This fee is charged when the customer does not repay the loan within the stipulated time period. Although this fee is charged on undisbursed loans.

Keep these things in mind.

Before applying for a loan, you should compare the interest rates and facilities of many banks or financial institutions.

Take a loan according to your budget. If you take a loan of a large amount, then you may face difficulty in paying it.

Before applying for a loan, calculate the interest rate and savings, etc. It may happen that you have to face financial problems due to the loan.

Before signing the loan agreement, read the terms and conditions of the loan carefully. If you do not understand any rule or want to change any condition, then you can do it.

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