Mumbai, Jul 3: Private sector giant, HDFC bank announced a new rate on home loan scheme, where it will charge a low 8.25% interest from the borrowers.
HDFC declares their new scheme on Friday, Jul 2 to take on SBI, who earlier extended its 8 per cent teaser rate home loans till Sep 2010.
HDFC said on Saturday, Jul 3 that it would offer 8.25 per cent initial interest rate till Aug 31.
Till Mar 31, 2011 the 8.25 per cent rate would be charged and it would increase to 9.25 per cent for the next one year, that is till Mar 31, 2012.
From April 2012, the prevailing home loan rates will apply.
"A quarter-percent hike is a gradual increase. Unless there is either a reduction in liquidity or more of such rate hikes, I don"t see rates going up," said Keki Mistry, vice-chairman and CEO of HDFC to Economic Times.