30-year home loan for low income segment launched by Axis Bank
Posted on: 03/Apr/2014 12:07:31 PM
India’s third largest private sector bank Axis Bank announced the launch of ‘Asha Home Loan’, a 30 year home loan product for first time home buyers in the lower income segment based on the family income.
Marking the bank’s 20th Anniversary, the ‘Asha Home Loan’ product will offer loans to customers with family income of Rs 8,000 - 10,000 per month and above. The customers can pool their family income instead of depending on their individual income only. The product offers loans as small as Rs 1 lakh and up to Rs 15 lakh in small towns (population less than 10 lakh) and up to Rs 25 lakh in larger towns (population greater than 10 lakh.
The ‘Asha Home Loan’ product will be available in both floating and fixed rate options to both salaried and self-employed resident Indians.
The appraisal methodology has been formulated keeping in mind the profile of this customer segment. Asha Home Loans offers loans up to 90 per cent of the market value of the property.
