i) MODT Charges
: MODT or Memorandum for Deposit of Title Deed is an undertaking that a home loan borrower gives to the lender stating that they have deposited the title documents for the property at their own free will in return for a loan. The charge for this is defined by the government of the state from where you’re taking the loan.
ii) Processing Fee
- Karnataka - 0.2% of Loan Amount
- Delhi - NA
- Gurgaon - NA
- Pune/Mumbai - NA
- Hyderabad - 0.1-0.5% of loan amount
: This depends on the lender you’re taking the Home Loan from. It may even change at the discretion of the lender.
: Interest rate and processing fee is subject to change at the discretion of the lender.
iii) Home Loan insurance
: This depends on the lender. However, Fincity highly recommended that you opt for Home Loan insurance to protect your family against the burden of loan repayment in case of temporary/permanent disability, loss of job, death or any such eventuality.
iv) Khata affidavit (if khata is not available)
: While some lenders may not levy a charge for this, others charge a franking and notary fee of Rs.200.
v) Home Loan Balance Transfer annexure
: Generally Rs.200 franking and notary charges apply for this. However, some lenders do not charge a fee for the purpose.