January 22, 2013 7:09 pm
Has anyone heard about franking fee charged by banks along with the processing fee of home loans ? Any idea why is this levied and does this goes to Central or State govts?
Dear Mr. Gupta,
Franking is getting the document concerned stamped with the requisite stamp duty applicable in that particular state for that particular transaction and it goes to the State government. Some lenders do absorb this fee while in other cases the borrower has to bear this cost.
Franking is getting home loan documents stamped with necessary stamp duty applicable in
a state. It is a way of authenticating the process and the revenue goes to state govt
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