Homeloan n prepenalty charges

Q: We want to take a home loan of 20Lacs for 20 years of period.But if we get any amount in between(after 1 year or 2 years) so that can we clear all the loan amount before the period? or Will banks charge any prepayment penalty ??? if we want to pay total amount of loan within 2 years whatever we have taken for 20 years we can pay or not???or is there any rule for the customer who can clear the loan amount before the period?and which one(bank) is the best way to take homeloan?please suggest me with the above queries???

sridhar, Hyderabad

29th April 2013

Home Loan in Hyderabad

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hey i would like to suggest you two think twice before finalizing on the time period of the loan. if you area 100% sure that you will be able to repay the loan before time in that case you should only take the loan for the time you need it as bank will be charging you the interest for the complete time period for which you had agreed to take the loan earlier. so take a well informed decision.

Shilpa, Hyderabad

30th April 2013

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earlier their use to be a pre payment penalty but presently almost all the banks have waved off these charges, but to be sure you should first confirm it with the bank you are planning to go for the loan.

Shilpa, Hyderabad

30th April 2013

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