PTI

Axis Bank introduces special home loan rate of 8 pc

Thu, Nov 5 09:05 PM

New Delhi, Nov 5 (PTI) Private sector lender Axis Bank today introduced a special home loan scheme with interest rate of 8 per cent for a limited period. This special offer on interest rates for home loans will be for a limited period till December 10, said Axis Bank President (retail banking) Manju Srivatsa.

Home loan takers can avail of ''Power Plus Home Loans'' at an interest rate of 8 per cent for the first year. From the second year onwards these loans will carry a floating rate of interest based on the bank''s Mortgage Reference Rate, she said.

Currently, the bank offer home loan under the floating option at 8.75 per cent for up to Rs 30 lakh and fixed loan at 14 per cent irrespective of tenure. The bank also extended the repayment period of a standard home loan to the maximum of 25 years, she said.

In another variant of the home loan product called the step down product, the customer will pay a higher EMI when the combined family income is higher and a lower EMI when the family income has reduced over a period of time, she added. Moreover, she said, the customer can close the loan before its maturity with no prepayment penalty being charged by the bank.

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