Hi,
I have taken a loan of 25,40,000 Lakh in last year from LIC on floating rate. I started paying preEMI for first 4 months and then full EMI started deducting. Currently I am planning to shift my home loan to SBI bank. When I approched LIC they told there is no charges for this. But after few days I requested Quatation from LIC, they have charged 12000 Rupees as charges.
2000 Rupees for document retrival and 10000 rupess as Broken interest. I do not understand what does mean by Broken interest. As per RBI guidelines no bank can ask for any charge while transferring the loan.
Please suggest what I will have to do in this situation.