One of the leading banks of the country AXIS bank has launched a new home loan product named ‘Asha Home Loan’. This is a 30 year home loan product for the first time, home buyers in the lower income segment based on the family income.
On its 20th anniversary, bank has launched this home loan product for the low income groups. The product will offer home loan to the customers having income 8,000 - 10,000 or above. It has been reported that bank will provide loan from Rs 1 lakh to Rs 15 in the towns with lesser population and loan up to Rs 25 lakhs in towns with greater population.
This is a very beneficial product providing both floating and fixed rate options to both salaried and self-employed resident Indians. The product will offer 90 % of the market value of the property. Further Bank has reported that due to the availability of limited land in the urban, developers find it hard to provide affordable home loans in these areas. Therefore banks are coming up with the plans to offer affordable home loan to the people in such areas.