With competition between the public and private sector banks getting tougher on various fronts, be it with deposit rates or lending offers, India’s leading private sector bank, AXIS Bank announced today that it will waive off 12 EMIs on the regular home loan repayment under the scheme Shubh Aarambh Home Loans. This will be eligible for loans only upto Rs.30 lakhs.
The borrower need not have to wait till the end of the tenure for the ntire waiver. 4 EMIs will be waived at the end of 4th year, 4 at he end of 8th year and 4 at the end of 12th year which literally means, any loans up to 11 years is not eligible for the entire benefits. Only loans which are in the range of 12-15 years would be eligible for the complete 12EMI waiver benefit option.
The loans can be used to purchase an under-construction/ready/resale house, self-construction, and a plot plus construction. So this means, all the options are conveniently covered and this would encourage the dull real estate sector after it has slumped to a record low due to demonetisation. Customers also have the option to transfer existing home loans to Axis Bank without additional cost, according to Rajiv Anand, Executive Director, Retail Banking. It is to be recalled at this juncture that AXIS also has Asha home loan which is specifically catered to the needs of low income groups.