HDFC takes cue from SBI, extends teaser rates

Jul 03, 2010 |

mumbai

On the heels of the market leader SBI extending its concessional home-loan rates, the mortgage leader HDFC on Friday announced its 8.25 per cent teaser rate home-loans till the end of August.

Under the extended scheme, HDFC will charge 8.25 per cent rate up to March 31, 2011, at 9.25 per cent for the period between April 1, 2011 and March 31, 2012 and the applicable floating rate for the remaining term of the mortgage, the country’s leading mortgage lender said in a statement here.
“The fixed rates are applicable for all new home-loans irrespective of the loan amount. This special offer is applicable to all new customers who apply before August 31, 2010, and take at least a part disbursement before September 30, 2010,” the lender added.
While the fixed rate will remain the same irrespective of the loan amount, the floating rate would vary with the loan amount. “Under this offer, the floating rates has two slabs —loans up to Rs 30 lakh at 9 per cent and above Rs 30 lakh at 9.25 per cent,” HDFC said. A different concessional scheme of HDFC expired on June 30, under which it had offered a fixed rate of 8.25 per cent up to March 2011, nine per cent for the next one year and a floating rate thereafter.
The nation’s largest lender SBI, which is also the market leader in the home loan sector, had on Wednesday extended its eight per cent concessional home-loan scheme for another three months till September, which is 0.5 percentage point higher than its minimum lending or base rate. This was the fifth extension of this scheme by the bank since it launched the scheme in August 2009. — PTI

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