Q:Home Loan interest rate has been increasing every month and if we are planning to switch home loan, there is penalty for prepaying Home. Recently in some news source I came to know RBI will ask banks to stop charging prepayment penalty. Will Banks waive the pre-payment charges on Home Loan?
Latest Answer: Prepayment penalty is not charged by all banks and for some banks or financial institutes offering Home Loan has no prepayment penalty if the loan amount through own revenue sources.
