Key fact statement for Home loan

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Deal Cadet
roXtar007
One of my friend is going to buy a house for which he is going to take home loan. He checked the interest rates of different banks and found the lowest interest rate in a Gramin bank.

As far I know that other than this normal interest rate,  banks take some extra charges. These charges are mentioned in Key Fact Statement.

Now my question is how can he get key fact statements from all my near-by banks, so he can compare them for the best offer. What should he tell them and what documents or details will they need to prepare the key fact statement?

How much time it takes them to provide the statement?

And also are there any points which he should check other than charges, Annual interest rate, Annual percentage rate which he should check for avoiding any future issue.
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Tech Guru Tech Guru
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Other things to consider

Document charges, mortgage fees, pre-payment charges

Specialist Specialist
Moderator
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The interest rate depends on CIBIL Score , loan amount( banks have different interest rates for >50L,L>75L etc )

Normally other charges include , processing charges ,building evaluation charges ,legal charges, documentation charges  etc

Normally most banks can give the  key charges immediately  on  verifying CIBIL.

for eg Indian bank gives the rates and charges in few minutes.

Most Private banks and SBI will have city wise loan processing centres and may take 3-4 days

Specialist Specialist
Moderator
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Apart from the above few other factors are

prepayment charges if any

max amount as % of outstanding which can be pre-paid and charges  for higher pre-payments

home  insurance - Will it be mandatory

Deal Cadet Deal Cadet
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Ok, thanks for the useful information...😊
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