
Axis Bank, a late entrant to home loans, has launched a lifetime fixed rate home loan at an interest rate of 11.75% for a 20-year tenure. This is the cheapest fixed rate loan available in the market and is 250 basis points lower than the fixed rate product being offered by the bank till now. Most banks charge 13-13.5% interest for fixed rate home loans.
Axis Bank is aiming to woo customers uneasy over rising interest rates. The Reserve Bank of India (RBI) has raised policy rates 12 times since March 2010. The repo rate, or the rate at which banks borrow from the central bank, has since gone up by 350 basis points.
"This is a pure...