Nagpur/Mumbai: With competition getting hotter in the affordable housing finance sector, private lender Axis Bank will waive 12 equated monthly installments (EMIs) on regular repayments of loans of up to Rs 30 lakh under the new scheme Shubh Aarambh Home Loans.
The lender has introduced Shubh Aarambh Home Loans, in which 12 EMIs are waived — four EMIs each after the fourth, eighth and 12th year ‘” from the date of the first disbursement. The waiver will be in the form of reduction in tenure.
The loans can be used to purchase an under-construction/ready/resale house, self-construction, and a plot plus construction. Customers also have the option to transfer existing home loans to Axis Bank without additional cost, according to Rajiv Anand, executive director, retail banking.
Earlier, the bank had floated Asha home loan for low-income groups.