Home loan companies won’t levy fee on pre-payment on pre closure

The comptroller of housing finance companies declared that “home loan providing companies will no longer charge any penalties on floating rate loans. However, in the matter of fixed rate loans, it has given provision to those borrowers who will pay from their ‘own sources’ like saving from income or borrowings from kins, payment will be exempted from levy. Contrary to if borrowers will switch to different bank or Housing Finance Companies, they will be accountable for penalty. Similarly advisory board has announced in last October that any violation will attract penal action, NHD said.

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