Securing Hannav Ledger...
Securing Hannav Ledger...
Glossary
Foreclosure (prepayment) charges are fees a lender may levy when a borrower repays the entire outstanding loan before the scheduled tenure ends.
A fee for paying off your whole loan early, if the lender allows one.
RBI rules prohibit foreclosure charges on floating-rate home and personal loans to individual borrowers; fixed-rate loans and business loans may still attract 1–4% charges.
Closing a floating-rate home loan early usually costs nothing extra, but a fixed-rate loan might charge 2% of the outstanding amount.
A fee for paying off your whole loan early, if the lender allows one.
Foreclosure Charges helps you evaluate products, compare options, and make informed decisions aligned with goals, tax rules, and risk tolerance in the Indian financial system.