Whether you are looking to buy a house in Electronic City, a 3BHK in Bellandur, or 4BHK villas in Bangalore, you would definitely have considered a home Loan. Home loans have become increasingly popular over the years as the desire to own a house has only spread amongst the general population. There are plenty of flats and villas for sale in Bangalore, making it even more important to provide the right information to citizens regarding the various fees one might come across while buying their own home. Read on to get the download on the different fees lenders charge borrowers:

• Administration Fee This is levied at the initial time of the log-in of the file and is usually non-refundable. The standard fee is about Rs. 5000.

• Processing Fee This is levied at the initial time of the log-in of the file and is usually non-refundable. The standard fee is about Rs. 5000.

• Legal and valuation fee A lot of lenders collaborate with legal firms to evaluate the borrower’s legal documents. Most banks include this in the processing fee but quite a few charge it separately. The standard is between Rs. 3000 to Rs. 5000

• Notary fee If you are an NRI, your KYC and Power of Attorney have to be notarised by the Indian Embassy or local notary.

• Adjudication fee If you are an NRI, your notarised PoA needs to be adjudicated in India before submission.

• Technical evaluation fee When buying property of high-value, lenders may conduct two evaluations. The lower of the two is considered for sanctioning and hence, a fee might be levied.

• Documentation fee Some lenders might charge this fee during the documentation process – from getting the loan signed to activation of the Electronic Clearing Service (ECS) facility, etc. The standard is between Rs. 500 to Rs. 2500

• Indemnity fee This fee protects the lender from specific risks such as payment of property tax by the property owner, delay in receiving building approval by the builder, etc.

• Franking fee on sale agreement Certain states of India charge a stamp duty on the property sale agreement with the builder.

• Franking fee on loan agreement States such as Karnataka and Maharashtra charge this fee on the loan amount.

• Fire insurance fee Most lenders, especially the ones tied up with insurance companies, levy this amount.

• Title and search fee This is a fee charged when the work is done internally by the bank with the help of their panel lawyer. This is often included in the admin or processing fee.

Now that you have a clear understanding of the different fees you might be liable to pay when you’re trying to avail a home loan, ensure you do not pay anything you are not supposed to. As the number of loan aspirants increase, naturally the number of dubious loan providers have also increased. Buying a home is a very important and crucial decision. It is also not a financially light decision to be made. Therefore, you must make a smart choice. Don’t buy a house in right in the city where you will only get cramped spaces and endless traffic in the name of ‘connectivity’. Choose the villa life with Abhee Prakruthi – 3BHK and 4BHK villas in Electronic City. Enjoy connectivity, exclusivity, and serenity in your own luxury villa in Electronic City.