NEWS & ADVICE : HOME LOANS
Prepayment penalty for banks likely to be waived off in a month
By Joseph Samson
Nov 1, 2011
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Banking and monetary regulator Reserve Bank of India has said that it is likely that prepayment penalty on floating rate home loans would be waived off by the upcoming month.

With prepayment penalty waiver setting in, home loan borrowers will have a reason to smile.

"We will pursue with the banks to do this [ending prepayment penalties] as soon as possible. But should the system require some time to adjust to this, we are prepared to give them," said RBI Governor Subbarao.

Regulator of housing finance companies, National Housing Bank (NHB) has already implemented prepayment penalty waivers for all financial institutions under its regulation, under specified conditions.


 


(Comments Posted : 1) Post Your Comments
1. Dear Team

My Homeloan Number is with ING VYSYA BANK

I did check with the ING VYSYA. They say " We are not instructed for any prepayment penalty waiver nor do we Know about same rate for all clients under floatig Rate"

When shall these RBI guidelines be acted upon. New Clients are being charged at 10.50
My Rate is @ 11.75 When shall ING VYSYA revise my rate downwards.


As per recommendations of the Damodaran Committee Rbi has announced. Whether ING VYSYA BANK will follow RBI Guidelines ? or they wont?
HOME LOAN BORROWER (Posted: Nov 8, 2011)
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