Hi All
I am going for ICICI Home Loan. Before, I could get the home loan sanctioned for me, I wanted from them a copy of the sanction lettertemplate to understand on how it looks and the conditions they might mention in it.
In the sample template they have shared it says under
“Fees on Full & Final Prepayment *
0% on amount prepaid and on all amounts tendered by the Borrower towards Prepayment of the Facility during the last one year from the date of final prepayment.
Wanted to know the meaning of the above statement, because during initial discussions with the Bank Rep, it was mentioned that RBI has abolished Pre-closure charges for floating rate loans.
Which I also read while going through the jagoinvestor site as was mentioned in some of the threads.
I am NRI, hence have entrusted with my DAD the Power to do the signing on my behalf.
I want to keep him appraised of this, so that we know what it means.
I know, it is not the copy of my own sanction letter; but wanted to understand it so that I am prepared.
Regards
Raghavendra