EMI waiver for credit worthy customers - on Housing Loans: Axis Bank

http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/emi-waiver-for-credit-worthy-customers-axis-bank/articleshow/16265020.cms

Axis Bank, on Wednesday launched a home loan product with a built-in equated monthly installment waiver scheme. The bank has decided to waive off the last 12 EMIs of customers with good credit history and pays his EMI on time. 

The product would be offered at the same rates as a regular loan, and would be applicable to new customers under floating rate option. The EMI waiver would be offered to all loans with an initial tenure of 20 years or more that cross their 15 thyear with Axis Bank. Any customer who pays EMIs on time would be automatically eligible for the benefit. As with the standard Axis Bank home loan, Happy Ending home loans would come with zero prepayment penalty,'' said the bank in a statement. 

For a customer taking a home loan for Rs 50 lakh at 11% floating rate, the EMI per lakh of loan size would be Rs1,032. For such a customer taking a Happy Ending home loan, the EMI waiver would be worth upto Rs. 6.19 lakh.