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Prepayment penalty charge will be waived out

Comments(2) Sub Category:Real estate trends,Realty News,Residential Real Estate Posted On: Apr 18, 2012

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.

More related stories:

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

2 Responses to “Prepayment penalty charge will be waived out”

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