Axis Bank organises home loan expos

Axis Bank, the third largest private sector bank in India is organising the Home for All Expo at major locations across the country. These expositions will showcase a wide array of properties, across price points and category of properties.

CJ: Tayyab Imadi

Wed, Nov 11, 2009 09:50:10 IST

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AXIS BANK is organising the Home for All Expo at major locations across the country. This follows the tremendous success of a similar expo organised last year. These expositions will showcase a wide array of properties, across price points (five lakh rupees to five crore rupees) and category of properties (site, flats, row houses and villas).

The first of these expositions has been organised at Bangalore from November 6 to 6, 2009, at the Koramangala Indoor Stadium. Over 45 of Bangalore’s top developers had participated in the expo which showcased over 250 projects. With over 25,000 units on sale, this is the largest ever property expo of its kind organised in Bangalore.

Coinciding with the expo bank has extended the repayment period of the standard home loan to the maximum tenure of twenty five years. In another variant of the home loan product called the step down product, the customer will pay a higher EMI when the combined family income is higher and a lower EMI when the family income has reduced over a period of time. Moreover, the customer can close the loan before its maturity with no prepayment penalty being charged by the bank.

Similar expositions will be organised by the bank at major locations across the country and this special offer on interest rates for home loans will be for a limited period till December 10, 2009 only. Home Loan takers can avail of power plus home loans at an interest rate of just eight per cent for the first year. From the second year onwards these loans will carry a floating rate of interest based on the bank’s mortgage reference rate. Based on the current MRR, the rate for the second year and thereafter, would be 8.75 per cent for loan amounts up to Rs 30 lakhs and 9.25 per cent for loan amounts above Rs 30 Lakhs.

For prospective buyers signing up at the Home for All Expos, the bank would provide on the spot approvals and wave the loan processing fees.

Manju Srivatsa, president, retail banking, Axis Bank said, “The Home for All Exposition provides a platform to bring the buyer and seller together and to offer prospective home buyers easy financing all under one roof. We are confident that the expositions will get a tremendous response for home buyers.”

About Axis Bank

Axis Bank is the third largest private sector bank in India. We offer a vast spectrum of services encompassing large and mid-corporate banking, SME banking, agri-business banking, retail banking and international banking. The bank’s network in India spans more than 900 offices and over 3800 ATMs. The bank has embarked on creating a footprint in Asia and today, has a presence in the major financial cities of Singapore, Hong Kong, Dubai and Shanghai. In addition, the bank has also entered into strategic tie-ups and alliances with partner banks in UAE, Doha, Muscat (to be launched) to reach out to the NRIs in these geographies.

The bank has set up five wholly-owned subsidiaries, Axis Sales Limited, Axis Private Equity Limited, Axis Trustee Services Limited, Axis Asset Management Company Limited and Axis Mutual Fund Trustee Limited.

The bank carries out its corporate social responsibility initiative through Axis Bank Foundation set up in 2006 as a registered public trust. Each year the bank transfers one per cent of its net profit for the previous year to the foundation (the maximum, which the RBI permits).

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