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SBI Home Loan Prepayment

 

Home Loan is a long term financial commitment and many borrowers try to prepay it either partially or completely before the stipulated time. SBI Home Loan Prepayment process is absolutely hassle- free. A borrower simply needs to intimate the lender about his intention with an application. In case the borrower wish to pre pay the entire amount, the lender would do necessary calculations and confirm the exact amount to be paid.

 

However, if the borrower wants to make a partial payment then the amount is computed accordingly and conveyed. Borrowers choose to prepay loans to reduce interest burden and optimally utilize surplus funds.SBI do not charge any prepayment penalties. Country’s largest lender State Bank of India (SBI) has decided to put an end to pre-payment charges on home loans, giving some relief to borrowers who wish to foreclose their accounts. However, it is always advised to keep some money invested in modes that can be liquidated with no trouble at unexpected emergencies.



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