A Revolutionary Home Loan Product by Axis Bank Only for You
In the year 2015, Prime Minister of India announced a new scheme of “Housing for All by 2022” targeting two crore homes to be built across all urban areas. Since then, financial institutions including banks, HFCs and NBFCs are competing with each other in order to provide the best Home Loan product to customers. The competition among various lenders in affordable housing segment has seared up.
To pace up with the growing competition in the respective segment and to strengthen its mortgage book, Axis Bank has launched a revolutionary home loan product named as “Shubh Aarambh Home Loan” for new home loan borrowers.
Under the new scheme, the bank will waive off total 12 EMIs (Equated Monthly Instalments) of your home loan – four EMIs each at the end of 4th, 8th and 12th year, over a tenor of 20 years. This means if you take a Home Loan from Axis Bank of an amount up to 20 Lakhs for a span of 20 years then you will get a benefit of waiving off 12 of your loan EMIs. However, the benefit can only be availed if you are regularly paying your EMIs. As per the bank norms, under the scheme, the rate of interest will remain same at 8.35% and the benefit will be provided to customers in the form of reduced loan tenor. The borrowers availing loan under Pradhan Mantri Awas Yojna (PMAY) will receive extra benefit in terms of savings.
To understand it better, we can consider a case. If you take a Home Loan of 20 Lakhs for a tenor of 20 years at the interest rate of 8.35% then you are eligible to avail the assured benefit under this scheme. After 4 years, your 4 EMIs will be waived off which will save your interest amount by 1,78,049 leading to a reduction in loan tenor by 15 months. The scheme is additionally beneficial if you are enrolled under PMAY scheme. When the subsidy gets credited to your loan account, the principle outstanding on your loan will be reduced by 2.2 Lakhs under PMAY scheme and afterwards the scheme of Shubh Aarambh will be applied.
So if you are planning to take a home loan of up to 30 Lakhs for loan tenor of 20 years and above, then you can choose Axis Bank Home Loan to maximize your savings on home loan. The scheme is packed with several benefits as you are not required to pay extra rate of interest and your overall loan tenor will be shortened. The benefit of Shubh Aarambh Home Loan can also be availed by borrowers who have taken Home Loan under Asha Home Loan scheme.
To apply and get benefited under the scheme, you can contact our Mortgage Specialists who will further guide you to avail maximum benefit. The experts at MyMoneyMantra have developed a deep understanding of banking policies from their experience of over three decades. Hence, they will get you the best home loan deal.
Also Read: 5 Best Home Loan Providers in India
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