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Axis Bank launches ‘Asha Home Loans’

Leading private sector bank Axis Bank has announced the launch of ‘Asha Home Loan’, a 30 years home loan product for first time home buyers in the lower income segment seeking affordable EMIs.

The Asha Home Loans product design and structure is the outcome of extensive research conducted by the bank with the lower income customers in India.

Asha Home loans are for customers with family incomes of Rs 8,000-10,000 per month and above. The customers can pool their family income instead of depending on their individual income only. The product offers loans as small as Rs 1 lakh and upto Rs 15 lakh in small towns (population < 10 lakhs) and upto Rs 25 lakh in larger towns (population  > 10 lakhs).

The ‘Asha Home Loan’ product can be availed in both floating and fixed rate options, at attractive interest rates, with simple  documentation.  The appraisal methodology has been formulated keeping in mind the profile of this customer segment. Asha Home Loans offers loans up to 90 per cent of the market value of the property.

Jairam Sridharan, head of Consumer Lending and Payments, Axis Bank said, “We see tremendous potential in the affordable housing segment. The customer segment having lower level of income and aspiring to own their first house in the peripheral areas of Tier1cities or within Tier II and III cities has largely remained untapped. Asha Home Loan would help bridge this gap. We are happy and proud to partner in the progress of the life of our lower income customers.”


Industry estimates state that there is an overall urban housing shortage of 19 million units, out of which more than 90 per cent of the demand is from the low income group segment and below.