Mumbai: India’s largest mortgage lender Housing Development Finance Corporation Ltd (HDFC) on Tuesday launched a special home loan scheme that offers consumers 8.25% interest through 31 March 2012. For the remaining period, regular rates at that time will be applicable, the bank said in a statement.
The offer is valid only for consumers applying before 31 January and taking at least part disbursement before 31 March. “While the fixed rate will remain the same irrespective of the loan amount, the floating rate will vary with the loan amount,” the statement said.
Incidentally, India’s state-run banks are already offering similar services, including State Bank of India which offers home loans at an incremental fixed rate of between 8% and 9% through the first three years before moving to the floating rate system in the fourth year.