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Question: What’s the reasoning behind banks charging a legal fee for home loans?

Answer: Once you submit your property documents with the bank, the bank has to undergo a process to get the documents verify legally. Banks have a team of legal experts who verify the submitted documents for each loan applicant. A lawyer usually checks the past record of the property and whether all submitted documents are correct or not to rule out any fraud. Since banks need to pay the legal team for their efforts, they charge a legal fee from the loan applicant. In case you are seeking a property which is from a project approved by the same bank, then the legal charges are usually waived off.

Once you submit your property documents with the bank, the bank has to undergo a process to get the documents verify legally. Banks have a team of legal experts who verify the submitted documents for each loan applicant. A lawyer usually checks the past record of the property and whether all submitted documents are correct or not to rule out any fraud. Since banks need to pay the legal team for their efforts, they charge a legal fee from the loan applicant. In case you are seeking a property which is from a project approved by the same bank, then the legal charges are usually waived off. Source: CoolInterview.com

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