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During loan application and disbursement, various charges such as processing fees, documentation charges, and valuation costs are involved.
Lenders impose fees to cover administrative work, risk assessment, and document verification. These costs ensure the smooth processing of the refinance application.
To estimate refinancing costs, add up processing fees, documentation charges, interest payments, and valuation costs . Using an online calculator can help determine the total repayment amount, ensuring you make an informed decision before refinancing your existing loan.
Yes, you can request to include refinancing fees in the total loan amount. This means you won’t need to pay charges upfront and the same will be deducted from the sanctioned loan amount.
Refinance Loan fees are typically deducted from the loan amount at the time of disbursement. If included in the loan balance, these fees are repaid through EMIs over the loan tenure. The time taken to cover these costs depends on the chosen repayment tenure.
Refinancing can initially lower your credit score due to a hard inquiry from the lender. However, timely repayments on the new loan can gradually improve credit health. Monitoring your credit report regularly ensures better financial planning when refinancing a loan.