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    August 10, 2026
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      Income Tax

      Pre-Payment Penality on Home Loans.

      April 27, 2012

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      Press Information Bureau

      Government of India

      Ministry of Finance

      27-April-2012 17:35 IST

      Pre-Payment Penality on Home Loans

      Reserve Bank of India (RBI) in its monetary policy, during 2012-13 has announced not to permit banks to levy foreclosure charges/pre-payment penalties on home loan on a floating interest rate basis.

      Further, National Housing Bank (NHB) which regulates the Housing Finance Companies (HFCs) have advised them not to levy pre-payment charges on the borrowers where the housing loan is on floating interest rate basis. Further, NHB has also advised the HFCs not to levy any pre-closure charges even where the housing loan is on fixed interest rate basis and the loan is pre-closed by the borrowers out of his own sources.

      This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

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