Axis Bank on 17th August, 2017 launched a new home loan product called ‘Shubh Aarambh Home Loans’.
Under the Axis Bank Home Loan, Various products are offered but Shubh Aarambh is offering some great benefits.
Information regarding the same is given below:
- 4 EMIs will be waived off at the end of the 4th, 8th & 12th year from the date of first disbursement, i.e 12 EMIs waived off at no extra cost on regular payments of Monthly Instalments.
- The facility can be availed only when the borrower is going to be consistent in terms of paying EMIs.
- This particular New Home Loan product is exclusively available for Home loans up to 30 lacs with a minimum of 1 lakh – Which will help the customer to save up to Rs. 3.09 lakh under the scheme.
- Transfer facility from any other Bank or financial Institution is available.
- Pre closure of the loan can be done without any pre payment penalty charges (However, to avail the waiver benefit with NIL pre payment charges,The tenure should not be less than 4 years).
- Salaried & Self – Employed Individual(s) can apply for the Shubh Aarambh Scheme.
- Shubh Aarambh can be used for Home Purchase, Construction, Renovation/ Improvement & Other Home related requirements.
- Loan period has to be 20 years to avail the service and not less than that.
AGE LIMIT CLAUSE
- The age of the borrower should not exceed more than 60 (for Salaried) or 65 ( for Self – Employed) years respectively at loan maturity.
— According to the Experts, The scheme will ensure regular payments by the customers & Also benefit them to purchase home units under 30 lakhs under the Government’s Affordable Housing program.