Hello

This is with reference to my home loan with Kotak Mahindra Bank Ltd (HF625951).
With reference to the RBI policy announcement recently on the subject, i would like to bring to your notice that Banks like Kotak Mahindra continue to levy prepayment charges/penalty on floating rate home loans and pose unreasonable restrictions on early repayments.

The reason they cite is that there is no clear directive from RBI in this regard and that only the Housing Finance companies have instructed by National Housing Bank. I see there is lack of clarity causing discrimination since home loan taken from any source cannot have different conditions since the interest rates, norms & level playing field in the market.

Can you please provide some clarity on this and let me know how to proceed further so that RBI's policy is effective in letter and spirit.

Many Thanks