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Home Loan Prepayment Charges
Home loan prepayment is when you pay your home loan before its due date. Usually, home loan prepayments are large amounts that reduce the number of EMIs you need to pay. Sammaan Capital has loan prepayment for both regular home loans, as well as for loan against property.
Individual
Floating Rate Loans
- No prepayment fees shall be payable for partial or full pre-payments.
Fixed and Floating (Dual Rate) Loans
- No prepayment fees shall be payable once the loan has been converted into Floating Interest loan post the expiry of the Fixed Interest Rate period.
- No prepayment/ foreclosure fees applicable if the loan is foreclosed by the borrower out of their own sources (i.e. any source other than by borrowing from a bank/ HFC/ NBFC and/or any financial institution).
- Any partial or full pre-payment during the Fixed Interest Rate period of the loan will attract pre-payment fees of 2% of the amount prepaid.
Non-Individual
Floating Rate Loans
- No prepayment fees shall be payable for partial or full pre-payments.
Fixed and Floating (Dual Rate) Loans
- No prepayment/ foreclosure fees applicable if the loan is foreclosed by the borrower out of their own sources (i.e. any source other than by borrowing from a bank/ HFC/ NBFC and/or any financial institution).
- Nil prepayment fees applicable for all payments up to 25% of the principal outstanding (POS) inclusive of all prepayments made within preceding 12 months.
- Where prepayment amount exceeds 25% of principal outstanding (POS), inclusive of all prepayments made within preceding 12 months, then the amount prepaid in excess of 25% of POS will attract pre-payment fees as applicable.
- Prepayment/ Foreclosure fees applicable on foreclosure payments shall be inclusive of all prepayments made within preceding 12 months.
- Prepayment / Foreclosure fees of 2% applicable; unless otherwise specifically mentioned in the borrowers’ loan agreement.
- There is no lock-in period for prepayment. Applicable taxes shall be levied on the pre-payment / foreclosure fees, as stipulated by the authorities, from time to time.
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