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RBI Guidelines for Home Loans: After the new guidelines issued by the Reserve Bank of India (RBI), loan borrowers have got a big relief. The Reserve Bank has issued guidelines for government and private banks. After the new guidelines issued by RBI, borrowers have got a big relief. However, banks have suffered a loss of several hundred crores of rupees.
Actually, the Reserve Bank of India has found in its annual inspection that some banks or lending institutions are using wrong methods in collecting interest from customers. After this, the central bank has issued new guidelines. Under the new rules, it has become mandatory for all lending banks or institutions to charge interest from the date of actual disbursement of money to the customer.
Interest was being charged from the date the loan was sanctioned
Let us tell you that during the onsite inspection of banks, RBI found that some lenders were charging interest on loans from the date of loan approval instead of the date of loan disbursement. RBI also said that cases have come to light where loans were given through cheque and lenders charged interest from the date of cheque. However, the cheque was delivered to the customer after several days. RBI also directed the regulated institutions to disburse loans through online account transfer instead of issuing cheques.
Apart from this, many banks are arbitrarily charging processing fees and other charges from customers. For this reason, the Reserve Bank has issued a guideline. The Reserve Bank of India charges its customers 0.35% GST of the loan amount as processing fee on home loans, which is a minimum of Rs 2,000 and a maximum of Rs 10,000 plus GST.
Apart from this, leading private bank HDFC Bank charges a minimum processing fee of Rs 7500 and a maximum of 1% on the loan amount. Apart from this, ICICI Bank charges 0.50% – 2.00% of the loan amount or Rs 3000, whichever is higher. Punjab National Bank charges a processing charge of 1% + GST on the loan amount from its customers.