Axis Bank a private sector bank is organizing the Home for All Expo across the country, first of this expo was held in Bangalore on November 6, at the Koramangala Indoor Stadium. Last year similar expo was organized and was a big success. In these expos wide array of properties will be showcased, across price points (five lakh rupees to five crore rupees) and category of properties (site, flats, row houses and villas).
In expo held at Bangalore, over 45 of city’s top developers had participated in the expo which showcased over 250 projects. In the expo over 25,000 units were for sale, this was the largest property expo ever organized in Bangalore before.
In accordance with the expo bank has extended the maximum tenure of the repayment period to twenty five years, of the standard home loan. While in another variant of the home loan product called the step down product, the bank has a provision, the customer whose combined family income is higher then he will have to pay higher EMI and in case family income reduces over a period of time then EMI will be lower. Also the customer gets the option to repay back the whole amount of the loan before its maturity and bank will not charge any prepayment penalty.
Bank sources informed similar expos will be organized by the bank at major locations across the country and this special offer on interest rates for home loans will be offered till December 10, 2009 only. Home loan borrowers can avail power plus home loans at an interest rate of just eight per cent for the first year. From the second year bank onwards bank will offer floating rate of interest based on the bank’s mortgage reference rate. As per the current MRR, the rate for the second year and thereafter, the rate charged will 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.
Bank has made special arrangement of on the spot approval for the prospective buyers who wish to take loan at the Home for All Expos, and the loan processing fees will be waved off.
Manju Srivatsa, president retail banking, Axis Bank told, “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.”