Axis Bank to offer interest rates, no processing fee, instant processing at its home expos
05 Nov 2009
Following on the uccess of similar loan marketing event last year, Axis Bank, the third-largest private bank in the country, is organising a home loans expo at major locations across the country, showcasing a wide range of properties, across price points from Rs5 lakh to Rs 5crore and category properties including sites, flats, row houses and villas.
Starting with the first event in Bengaluru from today till 8 November 2009, at the Koramangala Indoor Stadium, the event has dawn 45 of the metro's top developers showcasing over 250 projects.
The Bank said in a statement, "With over 25,000 units on sale, this is the largest ever property expo of its kind organised in Bengaluru.
Coinciding with the Expo bank has extended the repayment period of the standard home loan to the maximum tenure of 25 years. In another variant of the home loan product, called the step down product, the customer will pay a higher EMI when the combined family income is higher and a lower EMI when the family income has reduced over a period of time.
Moreover, customers have the option to close the loan before its maturity with no prepayment penalty.
Similar expositions will be organised by the Bank at major locations across the country, with a special offer on interest rates for home loans for a limited period till 10 December 2009.
Home loan borrowers can avail of Power Plus Home Loans at an interest rate of just 8 per cent for the first year. From the second year onwards these loans will carry a floating rate of interest based on the bank's mortgage reference rate. Based on the current MRR, the rate for the second year and thereafter would be 8.75 per cent for loan amounts up to Rs30 lakh and 9.25 per cent for loans above Rs30 lakh.
For prospective buyers signing up at these event, the bank would provide on the spot approvals and wave the loan processing fees.
