Banks not to levy pre-payment charges
Moneylife Digital Team 10 May 2012

Providing relief to home-loan borrowers, RBI asked banks not to levy any penalty on pre-payment of loans taken on floating rate.

“Though many banks have… voluntarily abolished the pre-payment penalties on their floating rate home loans, there is a need for ensuring uniformity across the banking system in this regard,” RBI said.

It is believed that removal of foreclosure charges or pre-payment...

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