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POSTED BY ON December 10, 2012 10:05 pm COMMENTS (3)
i had taken a loan against property from india bulls in 2011 march, would like to know do i have to pay prepayment charges if i want another bank to takeover from indiabulls. want to know what does RBI ruling is in these type of cases
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Dear P.S,
RBI has abolished prepayment charges on floating interest rate loans. Is the interest type on your Loan against property floating or fixed?
The loan agreement you had entered into with Indiabulls will have details about the prepayment charges. Alternatively you can also visit this link http://financial.indiabulls.com/homeloans.php?pageid=44 for details of the same.
Regards,
Credexpert
As far as i know NBFC was first to abolish pre payment charges in Home loan.I am not sure if property loan is same as home loan
PS,
As you are aware, India Bulls is not a Bank but a NBFC which obviously would be charging more than a bank – I won’t be surprised if it has prepayment charges. The best way is to ask them rather than this forum. Your loan agreement would have this written any ways.