No Foreclosure Charges /Prepayment Penalty on Floating Rate Term Loans for purposes other than business to individual borrowers – RBI
In 2012, RBI in terms of the Monetary Policy Statement 2012-13 mandated that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis.
Again in 2014, in terms of the Monetary Policy Statement 2014-15, the RBI mandated that banks will not be permitted to charge foreclosure charges/ pre-payment penalties on all floating rate term loans sanctioned to individual borrowers.
Now again the RBI has clarified that banks shall not charge foreclosure charges/ pre-payment penalties on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-obligant(s).
It has also been clarified that NBFCs shall not charge foreclosure charges/ pre-payment penalties on any floating rate term loan sanctioned for purposes other than business to individual borrowers, with or without co-obligant(s).
- FCAR registration certificate application to be submitted before expiry of 90 days
- Tehsildar certificate of agricultural cannot be ignored over Google Earth images
- Extension of time for filing DIR-3-KYC & web-DIR 3-KYC-WEB upto 15.10.2025
- CBDT amends threshold of exclusions from e-Appeals Scheme 2023
- Case remitted as assessee was Tribal covered u/s 10(26) and did not get opportunity
addition u/s 68 addition u/s 69A ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty condonation of delay covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory GSTR-3B GST rates IBBI ibc icai announcement itat mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 Search & Seizure sebi circular transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes
