Two months before Axis bank had launched Power Plus Home Loans offering 8% interest on home loan for the first year and after offer period floating rates will be applicable, similarly as country's largest lender, State Bank has offered an interest rate of 8 percent on home loans. Now the bank has launched its special scheme under which it is offering home loans at 8.25 percent fixed rate for the first two years irrespective of loan amount.
The new scheme will be open till March 31, 2010. After two years the bank will charge floating rate of interest based on the mortgage reference rate.
According to bank statement on loans up to Rs 30 lakhs, rates will be MRR minus 3.5 percent, while for loans above Rs 30-lakh the bank will charge MRR minus 3 percent.
Axis Bank's president-Retail Banking, Manju Srivatsa said, "The bank decided to launch the scheme--Power Advantage Home Loan--based on extensive interactions with our customers and market feedback."
Srivastava stated, "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."
Wednesday, January 6, 2010
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