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Prepayment charges

RBI insists on doing away with Pre-payment Penalty

RBI insists on doing away with Pre-payment Penalty
The RBI may issue orders to scrap penalty on pre-payment of all retail and small corporate loans.  The central bank disputes the practice of charging pre-payment penalty on any loan since the entire system has moved to floating rates — be it deposits or loans — where rates are charged based on the prevailing markets, [...] Continue Reading »

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

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

EMI Rates Burdens the Loan Borrowers

EMI Rates Burdens the Loan Borrowers
Home loan borrowers are now facing a tough time as there is a slight raise in the EMI (Equated Monthly Installments). Banks have agreed to increase pre-payment charges at the meeting with RBI (Reserve Bank of India). The Central Government is concerned about the home loan burden on the loan borrowers. Henceforth they have put [...] Continue Reading »



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