Excelsior Correspondent
JAMMU, Sept 6: Axis Bank, India’s third largest private sector bank, today announced the launch of “Happy Ending Home Loan” a unique home loan product with a built-in EMI waiver scheme.
As long as customer pays his EMIs on time, the product would waive the last 12 EMIs automatically.
The product would be offered at the same rates as a regular loan, and would be applicable to new customers (Resident Indians) under Floating rate option. The EMI waiver would be offered to all loans with an initial tenure of 20 years or more that cross their 15th year with Axis Bank.
Any customer who pays EMIs on time would be automatically eligible for the benefit. As with the standard Axis Bank home loan, Happy Ending Home Loans would come with zero prepayment penalty.
For a customer taking a home loan for Rs. 50 lakh at 11% floating rate, the EMI per lakh of loan size would be Rs.1,032. For such a customer taking a Happy Ending Home Loan, the EMI waiver would be worth upto Rs. 6.19 lakh.
Speaking on the occasion Jairam Sridharan, Head Consumer Lending & Payments, Axis Bank said, “Every customer wants to pay loan EMIs on time. When someone has been a loyal customer for a long time, and has been very disciplined with the EMI payments, we would like to reward them for that behavior and show our appreciation for their business. A happy Ending home loan is our attempt to do that.”
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