No Penalty will be added from now on to Home Loan Payers
No Comments Sub Category:Uncategorized Posted On: Oct 20, 2011
The home loan borrowers can now cheer as the National Housing Bank (NHB) has banned levy of pre-payment taxes. The house owners can now avail loans from more than 54 various Housing Finance Companies (HFC). The NHB has passed on a mandatory rule to all the HFC to receive a stable interest payment from all the home loan payers. The mandatory rule passed on is applicable to many such housing companies like; HDFC and also LIC housing finance company.
NHB chairman & managing director RV Verma reported saying that this mandatory regulation was passed on recently and all the banking sectors have paved way by implementing the same. One of the housing finance regulator reported saying that they will no more encourage the levy of tax benefits on the borrowers and also assured not to charge an add on fee for floating loan rates. The penalty of tax will be applicable only when the borrowers shift from one bank to the other.
Source: The Economic Times
Tags:
Banking sectors, Floating loan rates, HDFC, Home loan borrowers, Housing finance companies, LIC, National Housing Bank
