Home loan customers of ICICI Bank have good news after the bank has decided not to charge pre-payment penalties to its home loans even when customers shift a loan to a competing bank. Citing ‘cost of money’ as a reason many lenders have imposed pre-payment penalties when any of their customers seeks to refinance a home loan through fresh loans at lower rates.
ICICI Bank is the only bank that does not charge any pre-payment penalty from home loan customers either for part pre-payment or full pre-payment. “At ICICI Bank, we believe customers have the right to exercise their choice to shift if they find a rate advantage ICICI Bank is the only bank that does not charge any pre-payment penalty from home loan customers either for part pre-payment or full pre-payment.
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Pre-closure/prepayment charges are levied by majority of the banks on liquidation of loan before schedule. It is one of the standard covenants / terms & conditions of sanction - unless otherwise waived at the time of sanction. It has nothing to do with the reason/s for pre-closure (accident/total loss, theft etc.).
However, if you have been banking with ICICI on regular basis (other than car loan), you may request for waiver of the same - it may be considered depending upon the value of connection (income otherwise generated from your other A/Cs & dealings with bank).
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