Axis Bank has come out with ‘Shubh Aarambh home loans’, under which customers can avail of loans of up to Rs 30 lakh and they will be given ‘waiver’ of 4 EMIs during every 4th, 8th and 12th year of the loan provided they are regular in repayments. The waiver will be in the form of reduction in tenure. The loans can be used for purchase of under construction or ready or resale houses or the customers can also undertake construction or buy plots and take up construction. Customers also have the option to transfer existing home loans to Axis Bank without additional cost. The bank has disbursed home loans worth Rs 7,500 crore in 2016-17. The bank charges 8.35% per annum interest rate on home loans up to Rs 30 lakh for salaried individuals. For self-employed customers, it charges 8.40% p.a on the similar loan amount. The bank said it has launched the new home loan product as a pilot in Gujarat and Rajasthan.
