Thursday, December 22, 2011

Upsurge in Floating rate home loans

Floating home loan rates is now become more attractive for home buyers, as the all major housing finance companies have abolished the prepayment charges on floating home loan rates, according to the bank officials floating rates will really float after the implementation of the scheme.
Similarly, from last 23 November month ICICI bank has written off the prepayment penalties on floating home loan for both the old and new customers. This is applicable for partial or full prepayment of housing finance. The private bank was the last of big lenders in home laon to continue to implementation a penalty on borrowers who chose to close their loan account even if it was from their own resources. Now any floating rate loan can be repaid without penalty.
As per the reports of Internet Content Rating Association (ICRA) there is already upsurge in prepayment in housing finance. The rating agency has completed an analysis of home loan portfolios that have been securitized and subsequently rated by ICRA. The median monthly pre-payment rate has been around 1.1%.

Posted: 21 Dec 2011 04:37 AM PST
By Accommodation Times

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