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Axis Bank makes withdrawal of teaser housing loans

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Going through the last statement of the Govt. to increase the cash reserve ratio has influenced many public and private banks to calculate their share for the coming financial year. According to the source of www.propertykhazana.com the third major private bank of the country – Axis Bank has already made a withdrawal of its teaser home loan plan 2 months prior to the scheduled dates.
They launched this product with both fixed and floating rates for the home buyers on last January with an initial rate of 8.22 percent for the initial two years of term and other schemes on the same plan were with rate of interest 3.5 percent and 3 percent for the mortgage orientation exceeding above Rs 30 lakhs. “The rising rate of interest in the market has forced the banks not to exceed the floating rates more than one year” as stated by one of the top order official of the Bank on www.propertykhazana.com.
Axis Bank was last among all those who proclaimed this offer along with the other bank majors like State Bank of India and sudden withdrawal has made many to turn over to the other banks in the market. One of the most advantages of the Axis Bank was that they don’t charge any penalty fees and hence they can shift to other banks of their choice in certain condition of rate hikes without paying any extra charges to the bank as per the sources of www.propertykhazana.com. Apart from this the existing teaser loans by various banks are to get revised by the coming months for further economic issues.
Source: NBTVLIVE

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