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Daily Archives: January 23, 2022

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What happens if you repay your home loan ahead of Schedule?

Loans and advancesBy Surendra NaikJanuary 23, 2022

Most banks allow you to repay both part and full prepayment of a home loan. You are also allowed to pay a certain portion of the outstanding balance and go with the same EMI afterward. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. Prepayment penalty may vary according…

Is your lender insisting you buy an insurance plan before sanctioning a home loan? Here’s what to do

Insurance, Loans and advancesBy Surendra NaikJanuary 23, 2022

It is not mandated by any authority like RBI or IRDA to buy a life insurance policy from a bank in order to get a loan. However, if you buy a life insurance policy equivalent to the loan amount it is beneficial to family members in case of your unfortunate death. The loan amount will…

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