Prepayment penalty on home loans withdrawn by Punjab and Sind Bank
By Joseph Samson
Feb 9, 2012
Print    Email    RSS   

Following the footsteps of the leading banks like State Bank of India and ICICI Bank, Punjab and Sind Bank has also announced to withdraw prepayment penalty on home loans. The development is applicable with immediate effect.

The Chairman and Managing Director of the bank, Mr. D. P. Singh said, "The decision to waive repayment charges on housing loans reflects the concern of the bank for its borrowing clientele desirous of repaying housing loans before their repayment schedule."

The Housing Finance Companies are not allowed to charge the penalty from the borrowers. The Reserve Bank of India has also been suggesting the lenders to abolish the practice of levying prepayment penalty.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

How to go about ‘Leveraged Investing’
Pre-pay your home loan
e-filing of income tax returns at...
Reasons for rejection of loan application
Home Equity Loan: A shoulder you can bank...

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive