One of largest lending Bank of the country – Axis bank has rolled out a new 20 year fixed rate home loan product. The scheme is named as “Nischint”. This product is introduced for the affordable housing.
The bank has reported that under this scheme the bank will offer the home loan at the fixed rate of 10.4% and the maximum amount that will be sanctioned under this scheme is Rs 50 lakhs. Presently the base rate of the bank is 10.15%. All the salaried customers can access this scheme with the rate of 10.4% and for the self employed customers the rate offered is 10.65%.
In September ICICI bank has also launched the similar scheme, offering the sixed home loan at the rate of 10.25%