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No prepayment fee for floating rate loans

PUBLISHED ON: September 10, 2011 | Duration: 23 min, 54 sec

   
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In a step aimed at those thinking of prepaying their home loans to lessen the EMI burden, the Reserve Bank of India (RBI) has directed banks not to impose pre-payment charges on floating rate loans. The RBI said banks are better placed to manage interest rate risks than customers.
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