any charge for compleate my home loan earlier in hdfc bank?

Question

i have applied a home loan in hdfc in tuticorin tamilnadu-india
it is flexible rate loan the amount is 8 lak they told it will comleate in 10 years
but i have plan to compleate it in 4 or 5 years one of my friend told if we compleate it before the date which they told
they will charge something it will very loss for me
next month loan will sanction
please give me your ideas
nicho

Answer 1

I had some trouble following your train of thought, but I think you're saying you want to pay off your loan before the end of the term. Your friend told you there would be a pre-payment penalty if you paid it off early.

Read your loan documents. Some loans do have a pre-payment penalty, but not all of them do. If there's a prepayment penalty, the terms will be spelled out in the mortgage/deed of trust, whichever you have.

I don't know what you mean by "next month loan will sanction". I hope this helps.