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Axis Bank introduces EMI waiver for home loan customers

06 Sep 2012 Evaluate

Axis Bank, country’s major private sector lender has introduced a home loan product called Happy Ending Home Loan for its loyal customers under which it will waive 12 months equated monthly installments (EMIs). As per the EMI waiver scheme, as long as the customer pays his EMIs on time till the 15th year, the last 12 EMIs will be waived automatically.

The bank will offer this EMI waiver on all loans with an initial tenure of 20 years or more with a zero prepayment penalty. The product will be offered at the same rate as a regular loan, and will be applicable to new customers (resident Indians) under the floating rate option.

The bank has posted a rise of 22.41% in its net profit at Rs 1153.52 crore for the quarter ended June 30, 2012 as compared to Rs 942.35 crore for the same quarter in the previous year. Total income has increased by 29.24% at Rs 7818.37 crore for quarter under review as compared to Rs 6049.27 crore for the quarter ended June 30, 2011.

Axis Bank Share Price

1353.65 -5.50 (-0.40%)
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Peers
Company Name CMP
HDFC Bank 795.40
ICICI Bank 1356.00
Axis Bank 1353.65
Kotak Mahindra Bank 379.20
Indusind Bank 852.10
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