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NHB has issued notice to the HFCs over the levy of pre-payment penalty. The move is aimed to protect the interest of homeowners those taken home loans from HFCs. According to media report, the regulator has also asked the housing finance companies that borrowers would pay the same interest rate on their home loans. NHB cleared that the housing companies will not levy any fee on floating rate home loans.
Oct 20, 2011
National Housing Bank (NHB) bans Penalty on Prepayment of Home Loans
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In a significant development, the housing finance regulator, National Housing Bank (NHB) has banned the fine on pre-payment home loans taken from any of the 54 housing finance companies (HFCs) with immediate effect.
NHB has issued notice to the HFCs over the levy of pre-payment penalty. The move is aimed to protect the interest of homeowners those taken home loans from HFCs. According to media report, the regulator has also asked the housing finance companies that borrowers would pay the same interest rate on their home loans. NHB cleared that the housing companies will not levy any fee on floating rate home loans.
NHB has issued notice to the HFCs over the levy of pre-payment penalty. The move is aimed to protect the interest of homeowners those taken home loans from HFCs. According to media report, the regulator has also asked the housing finance companies that borrowers would pay the same interest rate on their home loans. NHB cleared that the housing companies will not levy any fee on floating rate home loans.
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