Earlier, Bank of India used to charge 2.5% penalty on the outstanding amount in case of pre-payment
The Bank of India (BoI) said that it has abolished pre-payment charges on both fixed and floating rate home loans, with immediate effective.
"We have decided to implement the Damodaran committee recommendation on customer service. Accordingly, we have decided to give total liberty to our home loan customers, both on floating rates as well on fixed rates to switch if they choose to do so irrespective of the source of funds, including takeover by another lender," a BoI official told PTI. Before this, BoI, which has a home loan book of worth Rs15,000 crore, used to charge 2.5% penalty on the outstanding amount in case of pre-payment. The country's largest lender, State Bank of India (SBI), and the private sector bank ICICI Bank, had on November 25 abolished pre-payment penalty on home loans. While the SBI had done away with pre-payment charges for loans on fixed and floating interest rates irrespective of source of funds, ICICI Bank will continue to charge 2% on the outstanding amount of fixed-interest loans. Earlier this week, another state-run lender Central Bank of India too had waived pre-payment charges on its fixed rate home loans.
The Reserve Bank of India on October 25 had indicated that it was planning to scrap prepayment charges altogether saying in such a product the customer is taking the complete risks. However, banks are allowed to charge appropriate pre-payment penalties in the case of fixed rate loans. Within a few days, the National Housing Bank had asked mortgage players to abolish the charges through a circular. But RBI is yet to issue a circular on this. Normally an RBI directive/advice becomes mandatory only after a circular.
Last week we published a review of Nokia’s latest ‘Lumia 800’ based on technical specifications of the mobile. However to our surprise, it attracted number of comments, mostly abusive, from none other than Nokia and Microsoft employees and associates
Last Friday, I wrote an article about the newly launched Nokia Lumia 800. The article was aimed to educate and inform readers and buyers about this latest smartphone from Nokia so that they could make a smart decision. However, this review ruffled some feathers and we saw an orchestrated pile of comments. The common factor in all these comments was use of abusive language that explains the motive.
However, the surprise came when I decided to check the origin of these comments. The first comments that appeared were posted by none other than the employees and associates of Nokia and Microsoft. Especially one commentator, Harish, who later realised his mistake of posting comment from his official IP address (from India) and changed it later, is the one who had written the maximum (nine so far) abusive posts. I wonder, if this is called good PR practice at Nokia and whether they believe that everything can be bought like the ad-extravaganza they created in newspapers and TV channels?
Here is what Harish says...
Name = harish
Email Id = [email protected]
Ip Address = 184.108.40.206
What an crap review!! it's one of the best phone available, iphone is so dumb compared to this.... Guess some one is paying you lumpsum, congrats..
The IP address ‘220.127.116.11’ belongs to Nokia Corp.
You may also want to read...