The Mumbai headquartered Axis bank has introduced a new home loans scheme for its loyal customers in which the bank provides a rebate on equated monthly installments for the loan. The bank has waived off 12 month's EMIs on its home loans.
The scheme called ‘Happy Ending Home Loan' has a built in EMI waiver facility for customers who pay all their EMIs on time until the 15th year of the loan tenure. For these customers last year's EMIs will be waived off automatically. The scheme is applicable on home loans having tenure of 20 years or more and no prepayment penalty.
The interest rate charged on the product will be the same as regular home loan products offered to resident customers under floating rate option.
Talking on the matter, the Head Consumer Lending & Payments of Axis Bank Mr. Jairam Sridharan said, "When someone has been a loyal customer for a long time and has been very disciplined with their EMI payments, we would like to reward them for that behaviour and show our appreciation for their business."