Pre payment charges waived off from home loans
Major loan providers for homes like State bank of India, ICICI bank, Axis bank waived off prepayments charges or penalties on home loans. Housing finance companies not charges pre payment penalties on floating rate loans. Most of the customers/borrowers taken loans on floating interest rates, so no major impact on all home loan borrowers who already taken loans from HDFC, LIC housing finance and DHFL.
RBI is instead receptiveness on the banks and pushes the industry association Indian Banks’ Association to get an industry consensus on this matter. SBI and Axis Bank had already moved to a no-prepayment charge.
ICICI Bank coming on plank it covers more than 70% of all outstanding home loans. Central Bank of India also joins the hand with SBI and others on not charging pre payment on home loans.
If [repayments charges are not charged on home loans than why is it charged on other loans. Prepayment charges on car loans and loan against property charged by ICICI and Axis Bank Respectively.
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