New Delhi: Country largest lender State Bank of India (SBI) has decided to abolish the pre-payment charges on home loans, providing succor to some borrowers who want to foreclose their accounts.
"We have decided to kill the pre-payment charges on all types of housing loans with immediate effect," a senior bank official told PTI.
Banks will charge only the pre-payment penalties on loans with floating interest rates to be taken before May 2011, the official said. It will charge about 2 percent of the outstanding amount as a penalty if borrowers opt to foreclose their loans.
The total outstanding home loan of SBI rose to Rs 92,383 crore at the end of September 2011.
No penalties for pre-payment of housing loans: SBI
The decision from the biggest lender will prompt other lenders to follow suit.
The total outstanding home loan of SBI rose to Rs 92,383 crore at the end of September against Rs 86,769 crore in March 2011.
Currently, some banks charge up to 2 percent of pre-payment penalties on loans outstanding, if a borrower settles the full payment prior to maturity by moving to another lender.
No pre-payment penalty is charged if borrowers pay with their own funds.
It may be mentioned that the Reserve Bank has said it will scrap pre-payment penalties charged by banks.
"It is proposed to implement the recommendations of the Damodaran Committee, where a broad consensus has emerged, as also the point of action identified by Others (Indian Banks' Association) and BCSBI (Banking codes and Standards Board of India) on the last Banking ombudsmen conference, "RBI said in its mid-year review credit policy.
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article source :-http://ibnlive.in.com/news/no-penalty-on-prepayment-of-housing-loans-sbi/205521-7.html
Saturday, November 26, 2011
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