Axis Bank, an Indian private sector bank, has launched a 20-year fixed-rate home loan scheme called ‘Nishchint’ for affordable housing customers.
The new product that caters exclusively to the affordable housing segment will offer housing loans at a fixed rate of 10.40% per annum for the entire duration of the loan with a size of up to INR 5m in metros and INR 4m in non-metros.
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Nishchint will not be sensitive to changes in the bank’s base rate which is currently 10.15% for Axis Bank.
Under this scheme, Axis Bank will provide home loans to both salaried as well as self-employed individuals at 10.4% and 10.65% respectively on all plain-vanilla home loan offerings including balance transfer schemes.
Axis Bank president of retail lending and payments Jairam Sridharan said, "Affordable housing customers are looking for stability and predictability of their EMIs, for budgeting purposes.
So a product with fixed EMIs throughout its lifetime is very attractive to them. Starting at an interest rate of as low as 10.40%, this scheme is quite comparable to floating rate loans currently being offered in the market, making the scheme a very attractive proposition."
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