Axis Bank To Waive Off 12 EMIs On Home Loans Under 'Shubh Aarambh' Scheme

Axis Bank will waive off four EMIs each at the end of the fourth, eighth and the 12th year of a twenty-year loan.

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Axis Bank To Waive Off 12 EMIs On Home Loans Under 'Shubh Aarambh' Scheme

However, a single missed EMI will disqualify the borrower from getting the benefit.

To grab more market share in the home loan market and reward good credit behaviour, Axis Bank has launched a new home loan product called Shubh Aarambh. Under this new scheme, Axis Bank will waive off four EMIs at the end of the 4th, 8th and 12th year of the home loan for borrowers who are regular in paying their EMIs. “You're closer to owning a home with the launch of Shubh Aarambh Home Loans. It's the helping hand you need, w/ 4 EMIs waived* every 4 years,” Axis Bank said in a tweet.  This EMI waiver offer is applicable on home loans up to Rs 30 Lakh. As of June, home loans constituted a whopping 44 per cent of the Rs 1.68 trillion retail portfolio of Axis Bank.
 
5 Things To Know About Axis Bank’s Shubh Aarambh Home Loan Scheme:

1. Axis Bank will waive off four EMIs each at the end of the fourth, eighth and the 12th year of a twenty-year loan. This means that if a borrower takes a 20-year loan, he will get 12 of the EMIs waived off, which the bank claimed will help save Rs 3.09 lakh on a Rs 30-lakh loan.

2.The waivers will be applicable for loans of up to Rs 30 lakh and will be given in the form of reduction in loan tenures, the bank said.  Currently, Axis Bank is charging an effective rate of interest of 8.35 per cent under this floating loan scheme.

3. However, a single missed EMI will disqualify the borrower from getting the benefit.

4. The new product is aimed at first-time home buyers but can be availed of by those switching lenders as well, Axis Bank said.

5. Eligible borrowers can also  avail government-aided interest benefit on loans qualifying under Pradhan Mantri Awas Yojana criteria  (With PTI Inputs)

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