Everyone dreams of owning his own house someday and with the surge in the real estate business, more and more young people have the option of buying their desired property for themselves. But, buying a new home comes at a significant cost and thus, home loans have become one of the largest selling portfolios for all banks these days.

If you are interested in taking a homeloan, you have to plan according to the amount of EMI that you can afford to pay every month. The higher the interest rates of the loan, the larger the EMI. But fluctuating interest rates of floating rate loans can often put your monthly budget in disarray. Choosing a fixed rate loan would be another option, where the interest rate would be fixed for a particular tenure, irrespective of the rise and fall of the market index. This would put a cap on the interest rate you pay in a month, keeping in mind the fact that, if the interest rates were to fall, you would still be paying the higher rate.

Home Loan borrowers comprise a large share of the lenders’ customer base and therefore, banks today, compete aggressively with each other, in offering the most attractive home loan schemes, in order to win over customers.

Home Loans for the Self Employed from Axis Bank

Axis Bank, for example, has launched a product called “Empower Home Loan” for people who are self-employed, on a floating interest rate. Although self employed entrepreneurs constitute 42% of the business population in the urban areas and virtually run the Indian economy, banks are reluctant about loaning money to them and follow stringent criteria. This is because the banks are not convinced about the repaying ability of the borrower. Sridharan, Head of Consumer Lending & Payments, at Axis Bank, agrees. According to him, self-employed people constitute only a quarter of the bank’s home loan customers.

Happy Ending Home Loans from Axis Bank

Another product that Axis Bank has launched is the “Happy Ending Home Loans” scheme. Under this scheme, you can opt for a home loan for procurring property under various stages – under construction, ready, on resale, on self construction or a plot of land. The happy ending is that you can have the last 12 EMIs waived off, at no extra cost to you, provided you have had a good track record with only three instances of payment over due by 30 days only and the minimum tenure of the loan is for 20 years. You can also pay a part of the loan as long as the tenure is above 180 months. All’s well that ends well!

Thus, not only are there ready or semi ready homes available in the market today, there are also the means for purchasing them, on easy and convenient terms without feeling a pinch in the pocket. Thanks to Axis Bank!