India's largest lender SBI (State Bank of India) has decided to abolish pre payment penalty on housing loans.
SBI's Senior officials,'' SBI have decided to do away with the pre payment charges on floating and fixed rate home loans with effective November 21, 2011"
The SBI has been charging pre-payment fines only on housing loans with floating interest rates taken before May 2011.It has been charging nearly 2% of the outstanding amount as penalty if borrowers opted to pre payment their loans.
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