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Query: What are the prepayment charges for Home Loans

Category: Finance

Answer: For home loans if the loan is taken on variable rate or adjustable rate / floating rate of interest, in case of individual, most of the banks or institutions do not charge any prepayment charges. They can make the prepayments as many times as they have funds. But in case it is in the name of a company, firm, sole proprietor firm or business or any of these are co-applicant along with the individual, then there are certain prepayment charges applicable which vary from bank to bank. In case where rate of interest on home loan is fixed, there are certain prepayment charges applicable to all including individual, the rate & terms of prepayment vary from bank to bank.

Date Posted 26-Jan-2020
Posted By Kumar Prakash
Views: 266



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