Asha Home Loans by Axis Bank
Axis Bank, India’s third largest private sector bank, on the occasion of its 20th Anniversary launched ‘Asha Home Loan’ earlier this week. This is a 30-year home loan product for first-time home buyers in the lower income segment looking for affordable EMIs.
Asha Home loans are for customers with family incomes of 8000-10,000 per month and above. Instead of depending on their individual income only the customers can pool their family income. The product offers loans as small as 1 lakh and up to 15 lakh in small towns (population < 10 lakh) and up to 25 lakh in big towns (population > 10 lakh)
With simple documentation at attractive interest rates, the loan can be availed in both floating and fixed rate options. The appraisal process has been prepared keeping in mind the profile of this customer segment. Asha Home Loans offers loans up to 90 per cent of the market value of the property.
Jairam Sridharan, Head Consumer Lending and Payments, Axis Bank, speaking on the launch said, “We perceive remarkable potential in the affordable housing segment. The customer segment aspiring to own their first house in the peripheral areas of Tier1cities or within Tier II and III cities and having lower level of income has largely remained untapped. Asha Home Loan would help bridge this gap. We are pleased and proud to partner in the growth of the life of our lower income customers.” This new loan scheme is available to both salaried and self-employed resident Indians. Loans can be availed for new, resale, ready, under construction property, as well as for purchasing a plot.
Source: Tribune India
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