Axis Bank, on the occasion of its 20th anniversary, announced the launch of ‘Asha Home Loan’, a 30-year home loan product for first time home buyers in the lower income segment, seeking affordable EMIs. The home loans are for customers with family incomes of Rs 8,000 – Rs 10,000 a month and above. Customers can pool their family income instead of depending on their individual income only. The product offers loans as small as Rs 1 lakh and up to Rs 15 lakh in small towns (population with less than 10 lakh) and up to Rs 25 lakh in larger towns (population with more than 10 lakh). The ‘Asha Home Loan’ scheme can be availed of in floating and fixed rate options. The appraisal methodology has been formulated keeping in mind the profile of this customer segment. Loans will be offered up to 90 per cent of the market value of the property. Jairam Sridharan, head (Consumer Lending and Payments), of the bank said the customer segment, having lower level of income and aspiring to own their first house in the peripheral areas of Tier I cities or within Tier II and III cities, has largely remained untapped and Asha Home Loan would help bridge this gap.