

A prepayment penalty refers to the fee that a lender charges if you want to repay the loan amount before the completion of the term. This is done because when borrowers choose to repay the amount before the end of the actual term, the lenders lose out on a large amount of interest they would have otherwise earned. To compensate for this loss, prepayment penalties are charged by some lenders. What is a prepayment penalty? home loan , car loan flat loan , car loan, mortgage loan housing loan, loan against property , building construction loan , mortgage loan process , independent house for sale in hyderabad
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