Axis bank lowers home loan rates in line with its peers

MUMBAI: Facing stiff competition from peers, Axis Bank announced a reduction in home loans rates to 8.35 per cent for the loan below Rs 30 lakhs. This is a sharp reduction from 8.65 per cent charged earlier.

The cut follows a reduction in rates for home loans by rivals like State Bank of India, ICICI Bank, HDFC in the last one week. ICICI Bank and HDFC pegged their home loans upto Rs 30 lakhs at 8.35 per cent soon after the market leader, SBI announced the reduction in home loan rates.

Axis Bank has said that for the salaried customer, it would charge 8.35 per cent or 20 basis points above marginal cost of lending rate (MCLR) for loans upto Rs 30 lakhs. For the self-employed, the bank would charge 8.40 per cent or 25 bps above MCLR.

For loans between Rs 30 lakhs to Rs 75 lakhs the bank would charge 8.65 per cent for salaried and 8.70 per cent for the self-employed customer.

According to Rajiv Anand, Executive Director, Axis Bank, “There is a large, genuine and mostly unmet need for affordable housing and the government’s thrust and commitment towards this is noteworthy. The bank has been at the forefront of fostering an ecosystem for credit delivery to this segment and believes that the current downward revision in its rates will help more people realise their dream of buying a home.”

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