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Floating Rate Home Loans

Home loan borrowers get relief

Home loan borrowers get relief
The RBI has suggested that banks must effect any change in floating rate loans only at the agreed-upon reset date. This is aimed at ushering in transparent and appropriate pricing of credit, according to an RBI working group. This is good news for existing home loan borrowers. What this means is that any change in [...] Continue Reading »

Role of floating home loan rates for 2011

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 [...] Continue Reading »

Prepayment Penalty not to be imposed on Floating Interest Rates

Prepayment Penalty not to be imposed on Floating Interest Rates
The Reserve Bank of India (RBI) has advised the housing banks not to impose a prepayment penalty if floating rates of interest are assured and also there will be absolutely no penalization for such borrowers. However the concern is different in terms of fixed interest loans wherein it involves on going tie up the housing [...] Continue Reading »

No Penalty on Prepayment of Floating Rate Home Loans

No Penalty on Prepayment of Floating Rate Home Loans
Reserve Bank of India (RBI) said floating rate home loans will be spared penal charges in case of prepayments. Besides the decision on home loans, the action points include measures to protect customer interest in unauthorized ATM transactions, and a policy for compensation to customers for mental harassment. The regulator for housing finance companies like [...] Continue Reading »



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