Axis Bank has launched ‘Empower Home Loan’ for the self-employed individuals. The product is offered to only resident self-employed customers (professionals & non-professionals) under the floating rate option.
A statement issued by India’s third largest private sector bank said customers with good repayment track record are rewarded with assured three rate reductions at the end of the second, third and fifth year.
Under this scheme, the customers can get a loan of up to Rs 1 crore in Tier I and Tier II cities and up to Rs 50 lakh in other cities and villages. The minimum loan amount under this scheme is Rs 10 lakh with maximum tenure of 15 years, subject to age of borrower not exceeding 65 years at loan maturity.
Customers can avail themselves of Empower Home Loan for purchasing an Under-construction/Ready/ Resale house, plot plus construction and Home extension /Improvement loans.
Jairam Sridharan, Head-Consumer Lending & Payments, Axis Bank said, “Self-employed people are the backbone of the India growth story. However, credit availability to this group tends to be limited. With ‘Empower home loans’, Axis Bank would like to partner this group of customers and reward them for good credit behaviour”.