Is processing fee mandatory?

Be careful about processing fees charged under any other name. “There is no specific regulation governing the quantum of processing fees, but the regulation requires all fees and charges to be transparent and non-discriminatory in nature. Any hidden charges are prohibited,” said Gupta.

Does HDFC return processing fee?

C. Fee refundable if loan not sanctioned/disbursed Processing Fee paid by the Customer for availing the loan is non-refundable.

Is cheque bounce a crime?

If a cheque is bounced citing insufficient funds in bank account, it is a criminal offence and the payee – the person or the bank – can file a complaint under Section 138 of the Negotiable Instruments Act.

What happens if cheque bounces while applying for home loan?

When availing a home loan, it is important to check if your account has sufficient money. If the processing fee cheque gets bounced, the bank might reject the sanctioned loan immediately. Thus, ensure you always maintain the minimum average balance and avoid any irregular or unusual bank transactions.

How much is a bounce fee for a bounced check?

Merchants can also charge a bounced check fee; they typically cost $20 to $40. You could face other consequences for bouncing a check, including getting written up or having the bank close your account. What is a bounced check?

What happens if you bounce a cheque twice in a row?

In addition, the banks also have the right to close the guilty person’s account (on repeated bounce cheque offense) or stop their cheque book facility. The bank may also charge penalty to both the drawer and the payee for the inconvenience, extra paperwork and wasting the bank’s time.

What is the processing fee for a home loan?

While some banks charge a certain percentage of the home loan amount as processing fee, other banks have a flat fee for the same. SBI, for example, charges 1\% of the loan amount with a minimum of Rs 1,000 and a maximum of Rs 10,000, as the processing fee.