Prepayment / foreclosure of housing loan

Querist : Anonymous (Querist) 19 October 2010 This query is : Resolved
Sir

I had availed a housing loan of Rs.30 lakhs from Federal Bank for a 20 year term. Of late, the cash certificates I had with the same bank, matured and the proceeds were used for prepayment of housing loan to the tune of Rs.25 lakhs.
In view of the above, can I request the bank for waiver of the prepayment / foreclosure penalty/charges.

antony

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aman kumar (Expert) 19 October 2010
you can request the bank for waiver of the prepayment / foreclosure penalty/charges. if you regularly pay bank insttal.

pawan sharma (Expert) 20 October 2010
you may request but i thiks it is not possible you may concerned with bank lawyer.

s.subramanian (Expert) 20 October 2010
Yes. You can.

Parthasarathi Loganathan (Expert) 20 October 2010
Loan pre closure charges cannot be challenged as they are prescribed by RBI as Banks are required allocate their lend able resources on long term basis under Asset Liability Management concept.

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