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Useful articles for your finance management by our team of experts

pre payment charges on loans

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Question: Dear Sir/Madam, I have taken a home loan from HDFC bank in scheme. Please let me know do I need to pay pre payment charges to the bank if I pay more then 25% of the outstanding principal amount for the financial year.

              
Answer: Banks usually charge pre-payment penalty for pre-closing a loan before the final date; the exact percent of penalty will be mentioned in the loan agreement. You can contact the branch for the same.

            
Warm Regards,

Expert @ InvestmentYogi

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