NEWS & ADVICE : HOME LOANS
RBI awaits IBA's stand on home loans prepayment
By Joseph Samson
Sep 28, 2011
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Regulator Reserve Bank of India has still not taken a final decision in the case of waiving off prepayment penalty in case of floating rate home loans.

The apex bank awaits comments in this regard from the Indian Banks' Association.

"Till now, it is only a recommendation being considered by the RBI. Based on the formal response of the IBA, our regulatory department would then take a considered view and then communicate the guideline or the instructions of the RBI on this to all the banks," Mr M. Rajeshwar Rao, Chief General Manager of RBI, and the Banking Ombudsman said.

Out of the total home loans disbursed by banks, almost 98% comprises of loans on floating rate of interest.


 


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