The third largest private lender, Axis bank, is organising the Home for All Expo at major locations throughout the country. The last exposition organised by the bank was a huge success.
The expositions will showcase a wide variety of properties across price points, five lakh rupees to five crore rupees and categories of these properties like site, flats, row houses and villas.
The bank has already organised its first expo in Bangalore starting fro Nov 6, at the Koramangala Indoor stadium. 250 projects were showcased by over 45 best builders in the city. With over 25000 units on sale, this is the largest ever property exposition in the city.
To support the expo, the bank has extended the repayment period of the standard home loan up to 25 years. The bank is also offering a variant of home loan product called the step down product. According to this the customer is required to pay a higher initial equated monthly instalment (EMI) when the combined family income is higher and a lower EMI when the family income has reduced over a period.
Similar expositions would be organised by the bank in other major cities as well and the low-interest offer on home loans would be valid for a limited period till December 10, 2009 only. Customers can obtain loans at an interest rate of just 8 percent in the first year. Second year onwards floating rates would be applicable based on the mortgage reference rate (MRR).
For customers who apply for loans at the Expo, the bank would provide on the spot approval and wave off the processing fees. The bank expects the Expo to be a huge success this time also.