NEW DELHI, Jan. 5 -- When we think of a home loan, the immediate reaction is to estimate the equated monthly instalment (EMIs), the amount you will be repaying the bank or financial institution each month. Axis Bank Ltd has launched a new home loan variant called QuickPay Home Loan, that will not adhere to the traditional EMI concept. The bank is allowing the QuickPay customers to repay the loan in reducing instalments. This means that you do not pay a fixed monthly instalment. Instead you pay instalments that will reduce over time. However, compared to a regular EMI, the initial instalments in this loan would be significantly higher. Jagdeep Mallareddy, executive vice president and head, retail lending, Axis Bank said, "The regular home loans are structured around the EMI platform where every month there is a fixed instalment. The interest and principal component in it varies. In case of the QuickPay home loan, the principal that the customer is paying back is fixed throughout the tenure, but the instalment varies. The instalment starts with a higher instalment initially, which comes down as the loan progresses."...