Axis Bank offers 12EMIs off on ‘affordable housing’ loan bouquet – launches Shubh Aarambh Home Loans

• An industry-first initiative, Shubh Aarambh Home Loans aimed at fortifying the bank’s footprint in the affordable housing segment
•   Customers with regular repayments to receive waiver of 12 EMIs – 4 EMIs each at the end of the fourth, eighth and twelfth year

Mumbai, August 17, 2017: Axis Bank, India’s third largest private sector bank, today announced the addition of a unique home loans to their already strong ‘affordable housing’ segment. Shubh Aarambh Home Loans will enable borrowers applying for loans upto Rs. 30 lakhs to avail additional benefit of 12 EMIs waiver.

In a bid to address the changing needs of customers, Axis Bank has introduced Shubh Aarambh Home Loans – where the customer with regular repayment gets 12 EMIs waived – 4 EMIs each after 4th, 8th and 12th year from the date of 1st disbursement. The effect of EMI waiver shall be given in the form of reduction in tenure.

Speaking at the launch, Rajiv Anand, Executive Director – Retail Banking, Axis Bank, highlighted, “The government’s efforts in boosting the affordable housing segment has been relentless and Axis Bank feels privileged to be a constant partner in this initiative. Through these products we aim to provide further value addition to our customers in a highly competitive environment and at no incremental cost. This would also encourage regular repayments by the customer.”

The loans can be used to purchase an under construction/ready/resale house, self-construction and plot plus construction. Customers also have the option to transfer any existing home loans to Axis Bank without any additional cost. 

EXAMPLE:

Mr. Krishna has applied for a loan amount of Rs. 30 lacs under Shubh Aarambh Home Loans for a tenure of 20 years @ ROI of 8.35% with an EMI of Rs. 25,751. He has a clean repayment track and qualifies under the EMI waiver scheme. He will receive a total Principal waiver of Rs. 1,23,456 with a total reduction of 12 months loan tenure.  His total repayment under Normal Home Loan would be Rs. 61,80,141 where as his total repayment under Shubh Aarambh Home Loan would be Rs. 58,71,134 which would result in a savings for entire tenure of Rs. 3,09,007

Cumulative years	4th year	8th year	12th year
Total Principal to be waived	27,490	39,425	56,541	1,23,456

* Customers who are eligible under the Pradhan Mantri Awas Yojana Scheme criteria will have an additional benefit to avail interest subsidy upto 2.67 lacs.