Allow online pre-payment of funds to Home Loan Account

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In India, currently government banks viz. State Bank of India, Bank of Baroda, etc. allow its home loan customers to make pre-payments/part payments online to the home loan accounts without any restriction on the no. of pre-payments. On the contrary, private banks/lenders viz. Axis Bank, ICICI Bank, HDFC, IDBI, etc do not allow their home loan customers to make online pre-payments to the home loan accounts. As per them, for making pre-payments, a customer has to visit the loan centre/branch personally alongwith cheque/DD and make the payment. Also, these banks have put restrictions on the no. of pre-payments to be made.

In the era of globalization and digitalization, wherein all the financial transactions are being executed on smartphone/laptop, these private banks are harassing its home loan customers by asking them everytime to visit branch for making pre-payments. This road-block is purposely put by these private banks so that customers don't make pre-payments often and they keep on earning interest on the outstanding amount. These business tactics further burden the already burdened home loan customer. This is absolutely anti-customer approach and not in the best interests of conducting fair banking business in India.

I respect government banks for not putting any restriction on making pre-payments so that whenever a home loan customer has some surplus money, he/she can comfortably and conveniently make pre-payment online using smartphone/computer.

I urge the policy makers and decision makers to look into this issue and enforce private lenders/banks to do away with the restriction on making pre-payment by visiting the branch and allow online pre-payment mechanism without any restriction on the no. of pre-payments. 

Thank you.

 



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