2019-12-22T08:07:59
What is a prepayment penalty?
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.
housing loans
mortgage loan process
flat home loan
independent house for sales
Have a question? Ask here!
Required fields are marked *