Latest News
-
625% Dividend, 1:10 Split, 3 Bonus; FMCG ITC Makes Big Acquisition Announcement; Stock Target Prices In April -
2:1 Bonus Issue: IT Penny Stock Turned; 1,600 Shares Market Lot Size Revised To 4,800 Shares -
FREE, FREE, FREE! 3:1 Bonus: Pharma Stock Hits Back-To-Back Upper Circuits; 500 Shares To Earn Rs 1,69,500 -
1:10 Stock Split: Below Rs 10, Fertilizer Sector Turned Ex-Split; 8,282% Returns In 5 Years -
Rs 17/Share Dividend: Record Date On April 26; Buy The ICICI Group Stock To Be Eligible? -
Honasa Consumer to Strengthen Operations by Merging Fusion Cosmeceutics and Just4Kids -
Wipro Reports 7.8% Decline in Q4 Net Profit; CEO Highlights Economic Challenges -
IREDA Hits Record Annual PAT of Rs 1,252 Cr in FY24; Q4 Profits Up by 33% -
Massive Employee Exodus Hits India's Top IT Companies in FY23-24 -
Air India Enhances Operational Efficiency with New Crew Management System
No pre-payment charges for home loan borrowers: RBI
Many banks were found to be hesitant in passing on the benefits of lower interest rates to the existing borrowers in a falling interest rate scenario. So, the RBI has asked banks to now do away with foreclosure charges.
RBI circular states that the removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans.
Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system.
Therefore, RBI has decided that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis, with immediate effect.
Usually the pre-payment charges are between 1-3% depending on the bank. Its a sigh of relief for many customers who are planing to switch to other banks.
GoodReturns.in
