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.
| 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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