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).
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