Under HDFC''s dual rate home loan-4, home loans will be available at a fixed rate of 8.5% per annum (pa) up to March 31, 2011, and 9.5% pa between April 1, 2011 and March 31, 2012, and the applicable floating rate for the balance term. The offer is applicable to all new home loan customers who apply on or before September 30 and take at least part disbursement before 31 October, HDFC said.
HDFC reintroduced teaser rates on its home loans in July by offering borrowers a fixed rate of 8.25% till March 2011 and 9.25% for the next 12 months. From April 2012, the prevailing home loan rates will apply. HDFC''s loan rates are marginally higher than that of SBI, which offers 8% in the first year, 9% for the second and third years and the prevailing rates thereafter.
Even as the country''s largest lender State Bank of India (SBI) hinted at extending its special home loan scheme, which is set to end on September 30, HDFC on Monday launched the product in a new avatar with higher rates.
HDFC, the country''s largest housing finance company, has hiked rates marginally under its dual rate home loan scheme just two months after announcing the revised rates in what is seen as a clear sign of hardening interest rates impacting even special home loans.
The 25-basis points increase in rates would push up the equated monthly instalment (EMI) on a Rs 10-lakh loan by Rs 155. The actual increase in EMI would work out to about Rs 110 once tax benefits are taken into account.
Comment : The general trend is of hardening interest rate Keyword Tags Hyderabad News,HDFC Home Loan Rate, Home Loan Interest Rate
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