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Prepayment Charges

Prepayment Charges Loan Against Property

  • Non-Home Loans (Loan against Property / Home Equity / Commercial Purchase / Top-Up):
Term Loans
Individual (all borrowers / co-borrowers are Individuals)
Floating Rate Loans
  • No prepayment / foreclosure fees applicable
Fixed n Floating (Dual Rate) Loans
  • No prepayment fees payable for partial or full pre-payments irrespective of the source once the loan has been converted into Floating Interest loan post expiry of the Fixed Interest Rate period.
  • No prepayment fees shall be payable for partial or full pre-payments during the Fixed Interest Rate period of the loan where the loan is pre-closed from own sources. However, for any such partial or full prepayment from other than own sources during the Fixed Interest Rate period of the loan will attract prepayment fees of 5% for the initial 2 years from the date of first disbursement and 3% then-after of the amount prepaid unless specifically mentioned in the borrowers’ loan agreement.

The expression "own sources" for this purpose would imply any source other than by borrowing from a Bank/HFC/NBFC and/or any Financial Institution.

Non-Individual Floating: (i.e. one of the borrowers/co-borrowers is a Company, Firm, HUF,LLP ,Trust , Society or a Proprietorship entity) :

 

Floating Rate Loans & Fixed n Floating (Dual Rate) Loans
  • Nil prepayment fees applicable for all payments up to 25% of the principal outstanding (POS) inclusive of all prepayments made within preceding 12 months.
  • Where prepayment amount exceeds 25% of principal outstanding (POS), inclusive of all prepayments made within preceding 12 months, then the amount prepaid in excess of 25% of POS will attract pre-payment fees as applicable.
  • Prepayment / Foreclosure fees applicable on foreclosure payments inclusive of all prepayments made within preceding 12 months.
  • Prepayment / Foreclosure fees of 5% applicable for the initial 2 years from the date of first disbursement and 3% then-after; unless specifically mentioned in the borrowers’ loan agreement.
Other than Term Loans (OD Facility)
  • Prepayment / Foreclosure fees of 5% applicable for the initial 2 years from the date of first disbursement and 3% then-after; unless specifically mentioned in the borrowers’ loan agreement irrespective of borrower type.

Services Tax as applicable on pre-payment / foreclosure fees.
The above fees/charges are subject to change without prior notice.

 

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