Axis Bank has reduced its home loan rates to 8% for the 1st year. The announcement came within days ofthe central bank signalling tighter monetary conditions going ahead. The bank has also extended maturity of loans to 25 years.
From the second year, the loans will carry a floating rate of interest based on the bank’s ‘mortgage reference rate (MRR)’. The current MRR rate for loans up to Rs 30 lakh is 8.75% and 9.25% for loan amounts above Rs 30 lakh. Axis has launched a new ‘step down product’ where a higher EMI is charged in initial years on the basis of a combined family income.
These loans target families where parents support repayment of a loan taken together with their offspring. Incidentally, the customer can close the loan before its maturity with no prepayment penalty being charged by the bank.
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i had taken a home loan from axis bak few months back,witll they cut my interest rate on my loan