Repayment of Loan

P Gupta (practice) (75 Points)

30 March 2009  

Hi,

Few years ago I took loan for the property. If I repay the loan then I have to pay the penalty. Isn't it? Isn't it the case with all the banks/institutions?

 

If I sell the property now, do I have to repay the loan in that case or I can continue to keep the loan? If I have to clear out the loan after selling the property, then I would like to know if I have to pay penalty in this case as well?

 

Thanks in advance for your kind answers.