Housing finance companies have got a directive from National Housing Bank (NHB) and they have been advised not to charge repayment penalty even if home loan customers borrow from other sources for foreclosure.
In a separate circular, it has also told HFCs to charge uniform interest rates to both old and new customers. Thus things are going to be easy for the home loans borrowers who want to foreclose their loans. Axis bank till now was riding high saying that they do not charge customers for home loan prepayment and now thing is going to be a past event.
