Home Loan Processing fees
Mangesh
(Querist) 07 September 2009
This query is : Resolved
Dear Sir/Madam,
Is it mandatory to pay the processing fees for the home loan if the expected loan amount is not passed or the loan is on hold due to non-completion of documents? Or the processing fees are only charged after the loan process is completed.
Is there any law for the processing fees to be charged for Eg. 1% of the loan amount or as such?
If I do a stop payment for processing fee cheque can I be sued by law?
Needs your expert opinion on above.
Best Regards
Yash
riven
A V Vishal
(Expert) 07 September 2009
Already replied.riven
A. A. JOSE
(Expert) 07 September 2009
This depends upon the norms of respective financial institution or bank which extends home loan facility. Non-payment of process fee may result in non-passing of the loan amount. I do not think that there is any law in this regard, but this is more in the nature of a charge for administrative work levied by the institution.riven
Adinath@Avinash Patil
(Expert) 10 September 2009
Non payment of procecc fee may result in non passing of laon.riven
