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Following ICICI Bank and HDFC Ltd, Axis Bank also revised interest rates on its floating home loan to 9.95 per cent, a cut by 20 bps effective April 13.
The bank has also introduced a single slab applicable for all salaried customers irrespective of the loan amount. The bank has accordingly aligned the pricing for new borrowers, an Axis Bank statement said.
In a bid to aid affordable housing finance, country’s third largest private sector bank also reduced its interest rate on Asha Home loans by 30 bps.
Most banks and housing finance institutions have joined the race to cut home loan interest rates making them more lucrative for home loan borrowers.
Jairam Sridharan, President – Retail Lending & Payments, Axis Bank said, "With this reduction in interest rates we expect the home buyer in the country to see significant enhancement in their home buying capacity. The sharp reduction in our rates for Asha Home Loans will provide respite to lower income group customers who have very limited avenues to access finance to purchase their dream home.”
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