Queries

Reverse Mortgage Can Be Taken For Up To 20 Years Ashok Dixit I took a home loan in 2015. I have received an extra bonus and want to prepay a part of my outstanding loan, but the bank is asking for penalty charges. Are they within their legal rights to ask for it? Also, they had given me a choice whether to increase the equated monthly instalment (EMI) or tenure. I chose the former and informed them that I would want to prepay the loan. Should I change my bank? The bank is within its legal rights to levy a penalty if the prepayment penalty clause is included in your home loan agreement. If you want to prepay your loan, consider how you would like to proceed, by reducing the tenure or the EMI. If you are planning to change your bank, consider the foreclosure charge and the processing fee you would pay to your existing and new bank, respectively. Also factor in the rate of...