RBI removes foreclosure charges, pre payment penalty of home loans

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Vide its Circular no. RBI/2011-12/589 DBOD. No. Dir. BC.107/13.03.00/2011-12 dated June 5, 2012, the RBI has announced that banks will not charge foreclosure charges/pre-payment penalties levied on home loans on floating interest rate basis, with immediate effect. It said that the removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans.   

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