Banking A home loan switch may turn cheaper

At least two banks have waived the prepayment penalty mortgages recently and the other banks will follow suit. "This is a brilliant initiative by the regulatory authority," said Adhil Shetty, CEO, BankBazaar.com, a gate loan. "And given that larger banks such as ICICI Bank Ltd and State Bank of
India had already waived the prepayment fees, others will follow suit. Competition will ensure that other banks to waive a prepayment fee. "

Undoubtedly, this works if you plan to prepay your loan; It will also work for those who wish to switch to a loan that has a lower interest rate. I'll tell you how to benefit you.

this move
The Central Bank of India had asked the banks to get rid of prepayment penalties in October. Even the National Housing Board (NHB) had asked the housing finance companies (HFC) to do away with pre-payment penalties earlier in October. While all HFCs have complied with the guidelines, most banks are reluctant to do so.

Few, however, have gone and done it. Effective November 23, ICICI Bank has waived the prepayment rates on all floating rate loans at home for old and new customers. Charges have been withdrawn from the side pre-payment and full payment in advance. "There is no charge for the prepayment of floating rate home loan, regardless of the source of the fund," according to the website of the bank. The bank continues to charge a deposit of 2% of the outstanding loan amount plus applicable taxes and service extra charge for fixed-rate mortgages.

Prior to ICICI Bank, State Bank of India (SBI) withdrew the charges on partial and full prepayment, regardless of source of funds. SBI has waived fees for fixed and variable loans.

Other banks may soon follow in their footsteps. "We will decide on the issue of advance fees to the next item, and our asset liability committee meeting, which will probably be held next week," said RK Bansal, Executive Director, IDBI Bank Ltd

article source :- http://www.hindustantimes.com/News-Feed/BusinessBankingInsurance/A-home-loan-switch-may-turn-cheaper/Article1-777187.aspx

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