In a bid to fortify its footprint in the affordable housing segment, Axis Bank — India’s third largest private sector bank — today announced the launch of a new home loan product – called Shubh Aarambh Home Loans. Under this scheme, borrowers applying for loans up to Rs 30 lakh will be able to avail the benefit of 12 EMIs’ waiver.
The bank said in a press release that under this scheme, customers with regular repayment will get 12 EMIs waived – 4 EMIs each after 4th, 8th and 12th year from the date of first disbursement. The effect of EMI waiver will be given in the form of reduction in the tenure of home loans.
Speaking at the launch, Rajiv Anand, Executive Director – Retail Banking, Axis Bank, said, “The government’s efforts in boosting the affordable housing segment has been relentless and Axis Bank feels privileged to be a constant partner in this initiative. Through these products we aim to provide further value addition to our customers in a highly-competitive environment and at no incremental cost. This would also encourage regular repayments by the customer.”
The loans can be used to purchase an under construction/ ready/ resale house, apart from self-construction and plot plus construction. Customers also have the option to transfer any existing home loans to Axis Bank without any additional cost.