A recent press report said that Axis Bank has announced the launch of ‘NISHCHINT’ a lifetime ‘Fixed Interest Home Loan Scheme’ which offers home buyers housing loans at a fixed rate of 11.75% p.a. for the entire duration of the loan. The duration of the loan is fixed as 20 years.
Mr. R. K. Bammi, ED – Retail Banking, Axis Bank said that customers are facing uncertainty regarding the EMIs on their home loans, because of the continuous hike in lending rates in the market. He said that the bank wants to offer customer certainty about the EMI they need to pay for the entire life of the loan.
Reports said that the bank has planned to offer home loans to eligible buyers at 11.75% rate of interest per annum. The bank will offer up to 85% Loan to Value for loans up-to 20 lakhs and 80% Loan to Value for loans above Rs 20 lakhs. The prepayment charges will be 2% of the outstanding amount.
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.