Applying for a home loan and getting it processed is a little tricky. You need to take a lot of things into consideration. Most importantly, you have to be really aware of what charges are being levied. It’s a huge transaction and even 0.1% of the amount makes a difference. Among all the other charges, you’ll get to hear about franking charges for home loan. But what are they and how much do you have to pay for this? Don’t worry, I’ve got your back.
What is Franking Charges for Home Loan?
So like you pay a certain fee for stamp duty and registration, similarly you pay a fee to complete the stamping process using a machine which is known as a franking machine. Mind you, franking is not the same as paying stamp duty. Franking is done only in authorized banks and authorized agents by the apex bank in the country.
Read more about what are franking charges here
Now that we are clear on what are franking charges let us talk about home loan franking charges. Just like your property documents, the home loan document has to be stamped. The home loan agreement is drafted on a plain paper with all the details and is submitted to the authorized bank or franking agency. The franking charges are calculated at 0.1% to 0.2% of the total loan amount. However, the franking charges cannot exceed more than Rs. 20,000.
I hope now you have an understanding of franking charges for home loan.
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What is franking charges for home loan?
Shiva
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2021-10-01T12:00:23+00:00 2021-10-01T14:59:28+00:00Comment
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