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Real Estate Forum on Preclosure Penalty On Home Loans

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Is it legally correct to charge pre closure penalty on home loans by banks?
Q: I bought a flat in 2008 and took a loan from a renowned bank. But due to hike in interest rates, I am planning to shift to another bank with lower rates. They did not mention anything in writing about pre closure penalty but now they are asking for 2% as penalty. What do you suggest?

preclosure penalty on home loans
Latest Answer: National Housing Bank has stated recently that housing finance companies should not charge pre-payment penalty on pre-closure of housing loans in case of certain matters. NHB also said that floating interest rate home loan can be pre-closed by borrowing from a bank while fixed interest rate home loan can be pre-closed only from the borrower's own sources.
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