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Prepayment of 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 »

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 »

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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