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Special rate scheme on home loans not the same as it looks!

1 Comment Sub Category:Apartment News,Bangalore,Delhi-NCR,Mumbai,Realty News Posted On: Jun 22, 2012

Few years back, the home loan which was provided under teaser loan scheme by a housing finance company (HFC), is not the same anymore when repaying it back.

The prepayment charges amounted to Rs 2 lakh for a person who had availed a Rs 1 crore loan under that special rate scheme.

As per a circular issued recently by the National Housing Bank (NHB), all loans given under special scheme should be treated as fixed rate loans and prepaying special scheme loan also involves a penalty.

The circular that has been out only applies to teaser based loans and not dual rate loans as confirmed by the chairman of NHB.

To read more real estate news:

SBI to provide home loan at cheaper rates

Home loan defaulters fall as credit scores rise

Source: Business Standard

One Response to “Special rate scheme on home loans not the same as it looks!”

  1. [...] Special rate scheme on home loans not the same as it looks! [...]

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