No fore-closure charges and pre-payment penalties for floating interest rate loans

taken by individual borrowers

There is no fore-closure charges and pre-payment penalties for floating rate of interest for a loan taken from any type of Financial Institution; be it a Bank, Non-Banking Finance Company (NBFC) or Housing Finance Company (HFC)

Attached are circulars from the respective regulatory bodies clarifying the same.

RBI prepayment letter

RBI prepayment clarification

NHB prepayment letter

NHB prepayment clarification

Thank you

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