Private sector lender Axis Bank today announced the launch of a home loan product for its loyal customers under which it will waive 12 months’ equated monthly instalments (EMIs).
Under its ‘Happy Ending Home Loan’ with a built-in EMI waiver scheme, as long as the customer pays his EMIs on time till the 15th year, the last 12 EMIs would be waived automatically. The EMI waiver would be offered to all loans with an initial tenure of 20 years or more with a zero prepayment penalty.
The product would be offered at the same rate as a regular loan, and would be applicable to new customers (resident Indians) under the floating rate option.
Speaking on the occasion Jairam Sridharan, Head Consumer Lending & Payments, Axis Bank said, “When someone has been a loyal customer for a long time and has been very disciplined with their EMI payments, we would like to reward them for that behaviour and show our appreciation for their business.”