Legal and Valuation fee in Home Loan

[sriteja]

People who took home loan, what were the legal, valuation fee and any other fee you paid?

Myself for BoB, I was asked

• Legal fee to Lawyer: 4.5k
• Valuation fee to Engineer: 5K
• Documents: 2.2K
  • This is the fee I had to pay to get documents from Government offices like Pahani, ROR, EC, Single Search (for 30 years rule). Advocate needed these documents

Wanted to understand, how much do they charge in general and are there any ways to reduce the fee. I know it totally depends on case-case basis but are there any general things to be taken care of for these fees.

 

[helloworld]

legal fee: depends on bank, some fixed 50k others 0.5% like that

valuation: 0 (it will be part of processing fee which depends on bank and offer)

documents: ask owner, they'll give.

 

[sriteja]

legal fee: depends on bank, some fixed 50k others 0.5% like that

50k???? You mean the mortgage fee?

 

[sriteja]

legal fee: depends on bank, some fixed 50k others 0.5% like that

valuation: 0 (it will be part of processing fee which depends on bank and offer)

documents: ask owner, they'll give.

But legal and valuation is not included in processing fee right? It will be separate right? That's what bank told me, let me know if I am missing something.

Let me know if any bank considers it in processing fee and we can waive off it with festival offers and premium accounts

 

[helloworld]

But legal and valuation is not included in processing fee right? It will be separate right? That's what bank told me, let me know if I am missing something.

Let me know if any bank considers it in processing fee and we can waive off it with festival offers and premium accounts

never heard of valuation fee. based on your description processing fee is for that.

legal is like something bank bind as agreement with the help of lawyer. Actually you wont pay anything to lawyer directly its all part of this mortagage fee.

but some banks charge this as separate lawyer like your case.

why do you hide your bank in your post, it helps a lot to clear your doubts or source of reference.

 

[sriteja]

why do you hide your bank in your post, it helps a lot to clear your doubts or source of reference.

Apologies, the bank I am talking is BoB. Added it to main post too. By the way which which you are talking about?

 

[helloworld]

Apologies, the bank I am talking is BoB. Added it to main post too. By the way which which you are talking about?

above is for hdfc, but even sbi (which is like bob same process mostly), never heard valuation fee. someone else might help you regarding it.