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Do we have to pay foreclosure charges for switching loan?- Property Hotline
Posted
November 25, 2016
Views
639
Likes
2
Engagement
0.31%
November 25, 2016
639
2
0.31%
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4:26Now PlayingExpert: Expert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert.
Question: I have taken a home loan of Rs 3 crore from Bajaj finance at 10.57% ROI two years back. I have taken the possession of the flat three month ago. With the rate cuts happening, other banks are offering him a ROI of 9.2%. If I switch over his home loan to another bank, will he have to pay foreclosure charges?
Answer: The loan from Bajaj Finance will have been on a floating rate of interest. If so, then there can be no prepayment charges for switching over your loan to another bank.
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