Loan Transfer from LICHFL to Other bank – Will they charge some penalty ?

POSTED BY clickonvijay ON September 22, 2014 5:12 pm ONE COMMENT

Hi,

This is Vijay from Hyderabad…I have taken loan from LICHFL and I am planning to move to other bank, could you pls let me know LICHFL will charge any amount if transfer to other bank in the floating rate period.

Thanks, Vijay

One reply on this article “Loan Transfer from LICHFL to Other bank – Will they charge some penalty ?”

  1. Credexpert says:

    Dear Vijay,

    As RBI prohibited banks from charging any prepayment penalty for floating rate home loans, LICHFL will not charge you for prepayment of your home loan. However, the new bank may charge you processing fees or other charges for Balance Transfer. However, please make sure you are not paying unnecessary charges while transferring your loan. Clarify all additional expenses with both lenders.

    Regards,
    Credexpert

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