Prepayment penalty charge will be waived out
The Reserve Bank of India barred banks from charging any fee from a customer who wants to repay an outstanding loan and close the account.
This will give the home loan customers a greater flexibility to opt for other banks for better interest rates.
Housing finance regulator National Housing Bank (NHB) has already barred home finance companies from charging any prepayment penalty.
State Bank of India has also removed the prepayment fee on both fixed and floating rate loans.
RBI also asked the financial institutes to provide a unique identification numbers to all their customers and the process should be completed before April 2013.
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Stamp duty will not be paid by Housing Loan
RBI further puts new bracket in home loans
CRR rates cut down by 50 base points
Source : Economic Times
home loan, National Housing Bank, outstanding loan, prepayment fee, Prepayment penalty, Reserve Bank of India, State Bank of India
[...] Prepayment penalty charge will be waived out [...]
[...] Prepayment penalty charge will be waived out [...]