Home loan

sakshi (Querist) 23 August 2012 This query is : Resolved
i have got sanctioned the loan from the bank but due to some issues i did not take the loan. and the bank have debited the processing fees without any agreement. can the bank do that? is the processing fee refundable? what are cases to support my case?

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Yogesh Anand (Expert) 23 August 2012
Loan has been sanctioned to you by the bank after processing your application, so the processing fee is rightly charged. If you do not avail the loan the processing fee cannot be refunded.

Devajyoti Barman (Expert) 24 August 2012
The Bank can deduct charge processing fees even if you or the bank cancels later the disbursal of loan.

malipeddi jaggarao (Expert) 24 August 2012
If you have made an application for home loan, then the Bank is right in charging the processing fee. However, if your withdrawal is on genuine difficulties, you can request the bank to refund at least 50% of the processing fee, but this not as a right.

Sudhir Kumar, Advocate (Expert) 24 August 2012
It is you who mzde the bank to spend time and evergy on your loan out of which they have not earned any interest. The are justified.

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