Thursday, October 20, 2011

Prepayment penalty - Update

I just spoke to Mr. Ranjan Kumar from DRS (Department of Regulation and Supervision), NHB to clarify my doubt. 

My question: What if the HFC refuses to provide the benefit of prepayment penalty waiver citing the agreement it has with the existing customer? 

Mr. Kumar then clarified that the circular is very much applicable for whoever chooses to prepay/close the home loan (even switchover of bank) anytime after 19th Oct 2011. 

So don't worry and free yourself from the jaws of your lender/HFC. 

Keep the print of this circular handy!

1 comment:

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