HDFC lowers first year home loan rate

New Delhi, Apr 15: HDFC has introduced a new dual rate scheme under which the home loan rate has been reduced to 8.25 per cent for the first year.

The dual schemes which are commonly known as teaser loans are applicable to fresh loans.

While the rate has been fixed at 8.25 per cent up to March 2011, the rate for the second year will be 9 per cent.

In a statement released on Thursday, Apr 15, the housing finance giant said, “This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount."

HDFC also said that its existing floating rate product would continue without any change.

The rates are 8.75 per cent for loans up to Rs 30 lakh, 9 per cent for loans between Rs 30 lakh and Rs 50 lakh and 9.25 per cent for loans of Rs 50 lakh and above.

“This special offer is applicable to all new home loan customers who apply before Apr 30, 2010, and take at least part disbursement before Jun 30, 2010," HDFC Managing Director Renu Sud Karnad said.

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