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If a current loan with fixed interest rate fixation, for example a mortgage lending loan, is to be repaid prematurely, then this is usually only possible against payment of a so-called “prepayment penalty”. But what is meant by the term “prepayment penalty”? How are the compensation payments to the bank calculated and in which situations do they arise? The following article deals with the topic “Prepayment Compensation for Early Loan Repayment” and contains not only general information but also numerous tips and tricks for borrowers.
The term “prepayment penalty” is understood in the banking jargon a kind of “compensation payment”, which is always incurred when a borrower wants to repay a loan with a fixed maturity or borrowing rate prematurely. The background to the prepayment penalty payment is the fact that the Bank has taken into account certain interest income as part of the lending process and may have priced it into the interest rate. If there is a premature and at least from the bank’s perspective unplanned repayment, so part of the planned interest income accounts.