What are the various fees and charges involved?
In addition to the interest rates, the lender charges various costs and fees which increase the effective cost of your home loan. The fees and charges typically consist of loan processing charges/non refundable processing fees, stamp duty charges, asset verification and legal charges, account transaction charges, amortization schedule charges, cheque bounce and swapping charges, late payment charges, prepayment charges, charges for changing from fixed to floating rates of interest, etc. These charges vary from lender to lender and are sometimes negotiable.