Mumbai: Axis Bank Ltd, the country’s third largest private sector bank, on Tuesday introduced a new home loan scheme at a fixed interest rate of 8.25% per annum for the first two years. A floating interest rate based on benchmark rate called the mortgage reference rate (MRR) will then kick in.
For loans up to Rs30 lakh, the floating rate will be MRR minus 350 basis points, and MRR minus 300 basis points for loans in excess of that amount. The current MRR, after such deductions, for these categories is 8.75% and 9.25%, respectively. Salaried individuals, self-employed professionals and self-employed non-professionals will be eligible for this facility with the bank offering 85% of the home value.