Preclosure charges on home loan for fixed rates !

POSTED BY satish041983 ON September 18, 2013 9:27 am ONE COMMENT

Hi,

I have taken home loan from LICHFL for 15 years(first 3 years fixed and remaining 12 years floating). I want the loan transferred to SBI. But since i have just completed 1.5 years on Fixed, LICHFL is charging Penalties for loan takeover. Can You please suggest does RBI rules for no penalties on pre-closure is applicable on this or any chance if LICHFL can change my fixed rates to floating rates from now on and then move it to SBI. Please suggest as the penalty charges comes around Rs 50,000.

One reply on this article “Preclosure charges on home loan for fixed rates !”

  1. ashalanshu says:

    Dear Satish, LIC HFC does not come under RBI. being a HFC, it’s governed by NHB. The penalty waiver clause of NHB is applicable on floating loans from HFCs. In your case, what is the ROI in LIC HFC as on date you are paying? How many months are remaining there & what ‘ll be the processing fee & ROI in SBI? Please calculate in totality and not for just 50000 penalty amount.

    Thanks

    Ashal

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