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National Housing Board (NHB) has directed all Housing Finance Companies (HFCs) to discontinue levying pre payment charges and penalties on pre closure of housing loans. Presently, most banks charge as much as 2% of the loan amount in some cases. However, this may be limited to borrowers pre-closing loans from their own sources. This is to prevent customers pre closing their loans by taking loans from other banks.

The circular from NHB also states that non compliance would attract penal consequences under the National Housing Bank Act, 1987. This is definately good news for people who have taken home loans and had to unnecessarily pay banks extra money for foreclosure. Hope NHB continues to do more reforms in the real estate sector which is in great need of control.

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