home loan pre closure

Sir, I have a homeloan with ICIIC bank for Rs. 6Lakh and due to financial stress, planning to dispose my flat and pre-close the home loan, I have already heard about the RBI notification to the bank for stopping the pre-closure charges levied. And I am also reading the complaints of people who are not availing the rbi facility on this pre-closure penalty charges as their banks are turning down saying that they have not received any notification from rbi in this regard.

Sir request to kindly help me, as I have to go for the closure of my loan account and how do i handle this, if iam asked to pay 2% as pre-closure charges by my bank

asked Mar 11 '12 at 17:22 by dhatchayanim 12611


RBI notification was not binding for private banks and they can continue to charge pre closure penalty charges.

There is little can be done here. But I would advise you to consider making partial payments with allowed limits of ICICI bank, which may not attract any charges.

answered Mar 13 '12 at 23:18 by Pankaj Batra 5.2k320

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Asked: Mar 11 '12 at 17:22

Seen: 1,823 times

Last updated: Mar 13 '12 at 23:19