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13-Dec2018

Axis Bank gains on offering home-loan with higher principal repayment component

Axis Bank is currently trading at Rs. 620.00, up by 0.65 points or 0.10% from its previous closing of Rs. 619.35 on the BSE.

The scrip opened at Rs. 625.00 and has touched a high and low of Rs. 625.40 and Rs. 617.50 respectively. So far 83960 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 676.90 on 10-Sep-2018 and a 52 week low of Rs. 477.50 on 04-Apr-2018.

Last one week high and low of the scrip stood at Rs. 625.40 and Rs. 580.00 respectively. The current market cap of the company is Rs. 159537.91 crore.

The promoters holding in the company stood at 25.91%, while Institutions and Non-Institutions held 65.26% and 8.79% respectively.

Axis Bank will be offering its new home loan customers an option to reduce their principal amount on a monthly basis, in departure from the current system wherein the lion's share of repayment initially is the interest component.

By reducing the principal with every month's repayment, the gross amount repaid by a borrower during the duration of a loan will also go down as the interest outgo comes down. However, the interest outgo for a borrower has been kept at a higher level of 9.05-9.25 percent as against 8.85- 9.05 percent for the older product.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.


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