Role of floating home loan rates for 2011
In the year 2011, private banks were the huge lenders in home finance who continued to impose increasing penalty on the loan borrowers throughout the year.
To ease the home loan environment, ICICI Bank a private home loan financing company waived pre-payment charges on floating rate home loans for the existing as well as for the new loan borrowers.
Neither did the floating rate home loans reflect realty market rates when it was down nor did it do too good.
However to balance the home loan market, other dominant home loan lenders like; HDFC, State Bank of India and LIC Housing Finance had paused pre-payment charges.
Other such private banks are still following moral norm from Reserve Bank of India (RBI).
Source: The Times of India
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