POSTED BY May 1, 2012 2:09 pm COMMENTS (3)
ONDear Friends,
Few weeks ago there was an article on rediff regarding removal of charges for pre-payment done by a customer on the home loan he has taken from the bank. Please refer to the link for more details:
http://www.rediff.com/business/report/no-more-pre-payment-charges-on-home-loans/20120417.htm
Can someone guide if this has been mandated by RBI to be followed by all the banks (private/public).
Thanks,
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I think it mandatory for all banks to not charge any penalty on fore closer of the loan amount
http://articles.economictimes.indiatimes.com/2012-04-18/personal-finance/31361610_1_prepayment-home-loans-basic-banking
May I know which bank are you referring to ?
Regards
Zoeb
I have 2 housing loans one from Bank of Baroda which was taken 4 years ago and this is the one where I’m considering to do the pre-payment. Another loan is from HDFC which is taken this year itself.
Dear Honda, the prepayment charges have been abolished by RBI. Please go ahead & prepay that BOB home loan.
Thanks
Ashal