The private sector lender, Axis Bank has introduced a new home loan scheme ‘Empower Home loan' for self employed individuals. The product is only offered to resident self employed customers, both professional and non-professional under the floating rate option.
A statement issued bank said that the customers with good repayment track record are rewarded with assured three rate reductions at the end of the second, third and the fifth year.
Under this scheme, the customers can get home loan of up to Rs 1 crore in Tier I and Tier II cities and up to Rs 50 lakh in other cities and villages. The minimum loan amount under this scheme is Rs 10 lakh with maximum tenure of 15 years, but subjected to the age of borrower not exceeding 65 years at loan maturity.
Customers can also avail themselves of Empower Home Loan for purchasing an Under-construction/Ready/ Resale house, plot plus construction and Home extension /Improvement loans.
Mr. Jairam Sridharan, Head-Consumer Lending & Payments of Axis Bank said, "Self-employed people are the backbone of the India growth story. However, credit availability to this group tends to be limited. With ‘Empower home loans', Axis Bank would like to partner this group of customers and reward them for good credit behavior".