Zero penalty on pre-payment of home loan

The most appreciating new to relish is that RBI has asked bank and Housing Financial Institutions to stop levying penalty charges on the prepayment of taken home loan. Earlier, the banks and institution used to charge a fine of 2% of the amount repaid. It was such a burden that one has to pay fine for prepaying his debts before time. But the rule is applied only on the loans with floating interest rates. Loans with fixed inertest rates has to still pay penalty fee in case of prepayment. The rule has been passed to bring uniformity in banking system and to reduce discrimination between new and existing borrowers.

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