Axis Bank launches fixed home loan for affordable housing segment
.jpg)
Fixed interest rate home loans have staged a comeback in the market, with Axis Bank — the third largest private sector lender in the country — being the latest to roll out one such product. The bank has introduced a fixed home loan product for the tenure of 20 years, priced at 10.4 per cent.
However, this Lifetime Fixed interest home loan is available only for loans up to Rs 50 lakh for property up to Rs 65 lakh in metros and for borrowing up to Rs 40 lakh for property of Rs 50 lakh in other locations.With this product, Axis Bank wants to increase its focus on the affordable housing segment.
“This product comes on the back of Rs 5,700 crore that we have raised after selling infrastructure bonds recently. With this we plan to increase the focus on infrastructure lending and on the affordable housing segment,” said Jairam Sridharan, president, retail lending and payments.
The home loan book size of the bank is one of the key contributors of the retail portfolio. At the end of the September quarter, the home loan book size stood at Rs 48,000 crore out of the Rs 90,277 crore of the total retail portfolio.
In present times, when the interest rate scenario is trending downward financial advisors caution against locking in to fixed-term product. However, Sridharan says that interest rates can swing even upwards in the next twenty years and therefore a consumer would benefit from locking in to fixed rates.
Axis Bank also has another fixed home loan product which can be accessed for loan amount of more than Rs 50 lakh and is priced at 11.75 per cent.
Recently, ICICI Bank also launched a fixed interest rate product for home loans for ten years priced at 10.20 per cent.
Other Latest News
.webp)
Telugu Desam Party quitting NDA in 2018 was not a mistake, senior party leader and former Civil Aviation Minister P Ashok Gajapati Raju has said.
The regional party rejoining the alliance (NDA) was justified as BJP is saying it would do "something" for Andhra Pradesh, he added.
.webp)
China will never treat India as an equal partner and by amassing troops on the border, Beijing is forcing New Delhi to spend more money on defence than capital investment, Mukesh Aghi, the head of a top US-based India-centric business and strategic group has said.
The militaries of India and China have been locked in a standoff since May 2020 and a full resolution of the border row has not yet been achieved though the two sides have had several rounds of talks at the diplomatic and military levels.
.webp)
The Enforcement Directorate on Monday claimed to have recovered a huge amount of "unaccounted" cash during searches of premises allegedly linked to an aide of a state minister, official sources said.
Video footage shared by the sources showed wads of currency notes spread in a room that is alleged to be of the domestic help of the private secretary of rural development minister Alamgir Alam.
.webp)
Australia's Qantas Airways agreed to pay A$120 million ($79 million) to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
The company will split A$20 million between more than 86,000 customers who booked tickets on the so-called "ghost flights" and pay a A$100 million fine instead of defending the lawsuit that it had previously vowed to fight, Qantas and the Australian Competition and Consumer Commission (ACCC) said on Monday.
.webp)
Billionaire investor Warren Buffett said that the Indian market has unexplored opportunities which his conglomerate holding company, Berkshire Hathaway, would like to explore in the future".
Buffett's remarks came at Berkshire's annual meeting on Friday when Rajeev Agarwal of DoorDarshi Advisors, a US-based hedge fund that invests in Indian equities, asked him about the possibility of Berkshire exploring in India, the world's fifth-largest economy.
.webp)
.webp)
.webp)
.webp)
.webp)
