Prepayment Charges abolished by RBI – Does it apply to Loan Against Property

POSTED BY Sameer ON June 28, 2012 7:57 pm ONE COMMENT

As per the recent RBI guidelines the Prepayment Charges have been abolished for Home Loans. I have got a floating rate Loan Against Property (LAP) from HDFC Bank. I called/emailed HDFC and they told me that the Prepayment Charges does apply for Loan Against Property. It has been waivered only for Home Loans. Can someone please clarify and let me know if this is correct.

One reply on this article “Prepayment Charges abolished by RBI – Does it apply to Loan Against Property”

  1. Dear Radiohead, Loan Against Property is not ordinary home loan but if the lender (HDFC) is not charging any prepayment penalty, why are you bothered about it?

    By the way HDFC is a Housing Finance Company & controlled by National Housing Bank.

    Thanks

    Ashal

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