I had got my house mortgaged and now I wish to repay all the loan amount but the bank is going to impose prepayment charges.Is there any way out?I have also learned that a few banks do not impose these penalties.

Some banks charge for premature termination; some don't.  You should have checked before you commit to your loan.   Since your bank do charge penalties, I guess the best way is to talk to them nicely and negotitate for a smaller penalty. 

Good luck.

When I had taken the loan from IDBI I was told, there would be no prepayment penalty but later on the bank says that if it is part prepayment then that clause stands and if complete prepayment is being done then they will impose the penalty.I am thinking of going to the court.Kindly advise.

Read your contract carefully - most reputable loan providers won't charge penalties if  i not explicltlystated in the contracts.

Besides checking out the contract, find out amount that you have to pay - if the sum is more than the legal fees, then try to talk to the bank.  Not worth suing for peanuts.