Axis Bank launches 'empower home loans' for self employed

Under the scheme, customers can avail a loan of upto Rs 100 lakh in Tier I & Tier II cities, upto Rs 50 lakh in other cities and villages

Axis Bank has announced the launch of ‘empower home loan’, a home loan product for the self-employed individuals. The product is offered to resident self-employed customers (professionals & non-professionals) under ‘floating rate’ option, the bank said in a press release on Tuesday.

Customers with good repayment track record are rewarded with assured three rate reductions at the end of second, third and fifth year. Under this scheme, the customers can avail a loan of up to Rs. 100 lakh in Tier I and Tier II cities and up to Rs. 50 lakh in other cities and villages

Speaking on the launch, Jairam Sridharan, head-consumer lending and payments, Axis Bank said, “Self-employed people are the backbone of the India growth story. However, credit availability to this group tends to be limited. With ‘empower home loans’, Axis Bank would like to partner in the progress of this group of customers and reward them for good credit behavior”

The minimum loan amount availed under this scheme is Rs. 10 lakhs with maximum tenure of 15 years, subject to age of borrower not exceeding 65 years at loan maturity. Customer can avail empower home loan for purchasing an under-construction/ready/ resale house, plot plus construction and home extension /improvement loans.