Recently, HDFC announced to lower its home loan rates to 8.25% for the first year in its new dual rate scheme. The scheme is commonly known as teaser loans that are applicable on fresh loans.
Now, subscriber will able to get a fixed rate of 8.25 % up to March 2011, then 9 % for the next one year. About the cheaper home loans, HDFC said in a statement to ET, “This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount.”
So, it is a flexible product that comes with dual rates. About the lower home loans rate at HDFC, economictimes.indiatimes.com, an online news portal writes, “its existing floating rate product would continue without any change where 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.”
Further the news portal quotes another statement about the scheme, “This special offer is applicable to all new home loan customers who apply before April 30, 2010, and take at least part disbursement before June 30, 2010.”
So, the offer is only for a limited period. Customers will be able to take the offer, if they apply before April 30, 2010.
HDFC is one of the largest private banks that lower its home loan rate for first year to 8.25%. However, SBI already has extended its 8 % special home loan scheme till April 30.
In the current time, home loans are the biggest source of deriving money for banks. Recently, almost all private bank hiked rates for home and car loans in India.
Currently, Indian market is crossing through the biggest crisis. In this situation, banks are trying to invest in the secure asset rather than share market and mutual fund activities. In the Indian market, banks are crossing through the biggest competition also. Lower home loan rate at HDFC is one of the examples of competition and crisis in the Indian financial market.
Now, subscriber will able to get a fixed rate of 8.25 % up to March 2011, then 9 % for the next one year. About the cheaper home loans, HDFC said in a statement to ET, “This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount.”
So, it is a flexible product that comes with dual rates. About the lower home loans rate at HDFC, economictimes.indiatimes.com, an online news portal writes, “its existing floating rate product would continue without any change where 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.”
Further the news portal quotes another statement about the scheme, “This special offer is applicable to all new home loan customers who apply before April 30, 2010, and take at least part disbursement before June 30, 2010.”
So, the offer is only for a limited period. Customers will be able to take the offer, if they apply before April 30, 2010.
HDFC is one of the largest private banks that lower its home loan rate for first year to 8.25%. However, SBI already has extended its 8 % special home loan scheme till April 30.
In the current time, home loans are the biggest source of deriving money for banks. Recently, almost all private bank hiked rates for home and car loans in India.
Currently, Indian market is crossing through the biggest crisis. In this situation, banks are trying to invest in the secure asset rather than share market and mutual fund activities. In the Indian market, banks are crossing through the biggest competition also. Lower home loan rate at HDFC is one of the examples of competition and crisis in the Indian financial market.
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