Hi,

I have taken a Home Loan of 30L in 2012 from LIC HFL with fixed rate of 10.7% for first 3 years and then floating rate. Sanction later mentions only about prepayment charges and not about foreclosure charges.

Now, I wish to transfer it to SBI. LIC person says it will charge me 2% on outstanding Loan as foreclosure charges as you have fixed interest, while SBI agent says its against RBI rules to charge foreclosure.

Can anyone advise on this? 2% is going to be a big amount. And if such condition is not mentioned in my sanction letter, will that apply to me? Where can I look for terms and conditions, other than sanction letter?