As per the sources available with www.propertykhazana.com, State Bank of India has decided to put an end to forestallment charges on home loans immediately and giving some help to the customers who want to foreclose their accounts. Bank was charging penalties on the home loans by the interest rates taken before May 2011 and charging 2% of huge amounts as fine if customers choose to foreclose their loans. SBI’s total outstanding home loans rose to Rs. 92,383 Crores in the end of September against Rs. 86,769 Crores in March 2011. In the meantime, some of the banks are charging up to 2% as forestallment fine on the loans outstanding if the customer clears the full payment before the maturity by going to another lender.
So, now SBI has said that no foreclosure penalty will be charged if the customer pays the full amount. It will be noted by the RBI and has told that it will scrap the forestallment fines charged by any Banks.
According to the sources available with www.propertykhazana.com, RBI has said that “It has planned to implement the recommendations of the Damodaran Committee on which the board agreement has come out and also the action points which was identified by the IBA and BCSBI in the pervious Banking Ombudsmen Conference.” NHB has clearly instructed housing financial companies to stop collecting fines on home loans from the customers. The charges on customers for pre-closure of home loans by HFC’s has been taken to consider and by the NHB in the following developments and it has been taken that afterward. HFC’s will not be charging a penalty on pre-closure loans. NHB has also told to all HFC’s not to differential the interest of rates for old and new customers who have the same credit.
Source: NIMMA BENGALURU
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