Interest on Prepaying your home loan ❓ || #shorts #homeloan

#homeloan #home #homedecor #shorts
Prepaying your home loan? 🏡

Here are the situations when the banks cannot charge prepayment penalties and charges:

1️⃣ No prepayment charges should be levied on Home Loan taken with floating interest rates

2️⃣ When the prepayment of a Home Loan is done by the borrowers with their own source of income, the housing finance companies are not allowed to charge any prepayment penalty

3️⃣ If the borrower decides to shift the Home Loan from fixed interest to a floating interest rate, he/she cannot be charged with any prepayment charges

Follow us on Instagram for more such short form content.