Axis Bank has today announced launch of the “Power Advantage Home Loan” scheme which offers home buyers housing loans at a fixed interest rate of 8.25% per annum for the first two years and a floating rate of interest thereafter.
After completion of the first two years, the floating rate of interest would be applicable at MRR minus 350bps (currently at 8.75% per annum) for loans upto Rs. 30 lacs and MRR minus 300 bps (currently at 9.25% per annum) for loans greater than Rs. 30 lacs, where MRR is the Mortgage Reference Rate of the bank.
Commenting on the launch of this scheme, Mrs Manju Srivatsa, President-Retail Banking, Axis Bank, said “Based on extensive interaction with our customers and market feedback we feel that this is the right time to launch the Power Advantage Home Loan scheme. This expands our home loan portfolio, enhances our product offerings and reiterates our commitment to help home buyers in their desire to have a home of their own.”
All salaried individuals, self-employed professionals and self-employed non-professionals will be eligible for this loan facility with the bank offering an 85% Loan to Value. The maximum tenure of the loan will be upto 25 years subject to terms and conditions. There will be no pre-payment penalty to the customers foreclosing their loans. A processing fee of 1% of the sanctioned amount of the loan plus applicable taxes will be charged to the home buyers. This scheme is open till the 31st March, 2010.
About Axis Bank:
Axis Bank is the third largest private sector bank in India. We offer a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
The Bank’s network in India spans 948 offices and over 4013 ATMs. The Bank has embarked on creating a footprint in Asia and today has a presence in the major financial cities of Singapore, Hong Kong, Dubai and Shanghai. In addition, the Bank has also entered into strategic tie-ups and alliances with partner banks in UAE, Doha, Muscat (to be launched) to reach out to the NRIs in these geographies.
The Bank has set up five wholly-owned subsidiaries, Axis Sales Limited, Axis Private Equity Limited, Axis Trustee Services Limited, Axis Asset Management Company Limited and Axis Mutual Fund Trustee Limited.
The Bank carries out its corporate social responsibility initiative through Axis Bank Foundation set up in 2006 as a registered public trust. Each year the Bank transfers 1% of its net profit for the previous year to the foundation.
