Axis Bank has planned to offer a Lifetime Fixed Interest Home Loan

By Pradeep Yuvaraj | August 15, 2011

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.

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Pradeep Yuvaraj

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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