Penalty waiver an incentive for prepaying home loan

Diwali is something to cheer the home loan borrowers.
National Housing Board (NHB) on floating rate home loans from charging prepayment penalties Housing Finance Companies (HFCs) are extrinsic. In the case of fixed rate home loans, a prepayment penalty may be charged, but their sources if the borrower is paying.

Borrowers.Banks between new and old housing board a floating rate, prepayment penalties, especially pointing out HFCs to maintain consistency when bank loans are transferred to other borrowers. However, some banks also charge a penalty when the borrowers are used to pay his own pocket.

Nature under the anti-tax credit for long its been in the news. Procuring a loan from another bank that offered a better rate of home loan borrowers wishing to prepay has been particularly inflammatory.
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Banks typically charge a prepayment penalty, borrowers transfer to another bank loan. However, some banks also charge penalties when borrowers used prepaid from his pocket.

The Banking Ombudsman prepayment penalty, which in some cases as high as 4% of a large number of complaints from borrowers.

These decisions, NHB, LIC Housing Finance, which took effect on October 19 will cover all HFCs. HDFC, however, very enthusiastic, so that the Indian Banks' Association far.The (IBA) is not on the RBI and NHB has also requested not to remove it completely.

The regulators, however, a different feel. Floating rate loan that has already been factors in its assessment of fluctuating interest rates in the states of the RBI. Charge a prepayment penalty, so it does not make sense not to. The RBI fixed rate home loans on the banks charge a prepayment penalty, although it is allowed. The interest rate risk that banks face a fixed rate home loan borrowers of home floating loans.Another main grouse existing and new borrowers, which amounts to a penalty charge for loyal customers takes care of every difference. This is not the sense, not the fact that banks are required to save to maintain the administrative functions.

This is a program that measures the RBI to banks to improve customer service on the part of the implementation plan. There is concern in the last few quarterly loan payment, prepayment, and rate differences related to the practice on the banks, and the float rate and the rate of change of policy change has been made between misamecanum.

RBI and IBA on the banks for a comprehensive review based on complaints received from customers to improve customer service work on the project. Soon we will see more such steps.

RBI and the IBA is also a process, such as measures that will make banking more convenient, on the banks from ATM disputes, fixed rate home loans, tax certificates obtained from the central government directly to your home address, a regular loan statements, and resolve too many.

We see, bankers point will be ignored. In the case of prepayment of loans fixed rate home loans in respect of maturity misamecanum arguing about the same quality. Mother RBI for the cases where the borrower in his or her own fixed rate home loan prepayment penalty on upade sources and therefore the decision to open the debate, prepayment penalties and reduce the bankers could not completely remove the request.
However, the floating rate on home loans to high prepayment prepayment penalty for leaving a space to bring back the era of the potential of the situation. It is better to eliminate it completely.

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