Finance, Forex and Investments

Housing loan pre payment penalty in LIC Housing Finance, India?

I've taken 22 Lacs home loan from LIC Housing Finance 2 years back for 20 years. I would like to make pre-payment of some amount. I'm curious to know what is pre-payment penalty in LIC Housing Finance? Accordingly i'll make the prepayment. Thanks in advance.

Public Comments

1. Prepayment charge (penalty) is 2%of the amount prepaid.
2. Of late few banks have started to discount the prepayment penalty because of high interest rate regime.Check out if LIC housing also has that options. prepayment penalty can be negotiated and get rid of it in the loan agreement depending on your bargain with the bank.