Axis Bank has launched a home loan product with the expectation of increase in mortgage book volumes and better credit behavior. On Thursday, in the scheme, banks will waive some EMIs during the tenure of the loan. This third largest private sector bank has taken this step to increase the upturn of home loan. Under this special scheme, the customer taking the loan will not have to pay one monthly installment in the fourth, eighth and 12th year of the loan period. The bank claims that it will save Rs 3.09 lakh from the customers taking home loan of 30 lakh for twenty years. The interest rate of this scheme will be 8.35 percent annually.
This exemption will be applicable for loans upto Rs 30 lakhs, which will be given in the form of deduction of loan period. At the same time, interest rate on loan will be 8.35 percent only. The loan will also be benefitted in under construction, resell and plot. Also, the home builders will also get the benefit of the loan.
This exemption will be applicable for loans upto Rs 30 lakhs, which will be given in the form of deduction of loan period. At the same time, interest rate on loan will be 8.35 percent only. The loan will also be benefitted in under construction, resell and plot. Also, the home builders will also get the benefit of the loan.
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