Now, no pre-payment penalty on housing loans

New Delhi: There is good news for millions of house owners, who have acquired their homes on EMIs, before Diwali.

The housing finance regulator, National Housing Bank, has banned the levy of pre-payment penalty.

As per the new norm, there will be no penalty charges even if the pre-payment is made through funds from other banks and finance companies.

This move will help all the homeowners who have availed loans from any of the 54 housing finance companies.

Adding to Diwali cheer, the regulator has also asked housing finance companies to ensure that all borrowers pay the same interest rate irrespective of when the loan was taken.