B) for any other than Individual Borrowers – For loans sanctioned with company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants:
I. In the event the mortgage is prepaid within the very first six (6) months through the date of very first disbursement, Prepayment costs shall be levied at a consistent level of 2 percent plus fees and levies which can be statutory costs, of this quantities being so prepaid;
Ii. The borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges upon the expiry of the first six (6) months and up till 36 months. Such prepayments will have to be manufactured from the very own sources* for the Borrower.
Any quantities prepaid in every economic year more than the 25% limit shall attract prepayment fees at 2% for the quantities being therefore prepaid more than 25% every monetary 12 months.
Upon the expiration of three years, no prepayment fees are going to be applicable in the event that loan is prepaid from very own sources. But if the loan be prepaid through refinance the debtor will probably be prone to pay prepayment costs.
C) the consumer will undoubtedly be expected to submit such documents that HDFC may deem fit & proper to determine the foundation of funds during the time of pre-payment regarding the loan. (más…)