Can I prepay/foreclose my Home Loan in advance?
Yes. You can prepay your entire Home Loan or a portion of it in advance. Prepayment reduces the Principal amount, thereby reducing the monthly EMI. According to the RBI, no lender can levy prepayment penalties or foreclosure charges on Home Loans that have been taken on floating rates of interest. That said, some lenders may continue to levy such penalties on fixed rate Home Loans.