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Axis Bank has launched a lifetime fixed interest rate home loan scheme which offers interest rate of 11.75 per cent for a period of 20 years, called ‘Nishchint’.
Under the scheme, the bank will offer eligible customers up to 85 per cent loan-to- value (LTV) for loans up to Rs 20 lakh and 80 per cent LTV for loans above Rs 20 lakh, said a press release issued by the bank.
Foreclosures under the scheme will attract 2 per cent prepayment charge on the outstanding amount.
Mr R.K. Bammi, Executive Director - Retail Banking, Axis Bank, said, “Customers today are facing uncertainty about EMIs on their home loans, due to interest rate increases in the market. We want to offer the customer certainty about the EMI they need to pay for the entire life of the loan.”
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