With SBI keeping its teaser rate unchanged, mortgage major HDFC too left its rates unchanged. The home finance major said it would extend its dual rate offering till the end of March 2011, with the rate till March 2011 fixed at 8.25 per cent. From April 1, the rate will be fixed at 9.25 per cent for the next one year. Thereafter, the home loan customer will move to a floating rate structure at the rate effective for the amount of the loan, called card rate, from April 1, 2012.
At present, under the card rate, for loans of up to Rs 30 lakh, HDFC customers are charged at 9 per cent per annum while for loans of above Rs 30 lakh they pay at the rate of 9.25 per cent per annum. “The fixed rates are applicable for all new home loans irrespective of the loan amount,” a release from HDFC said.
“This special offer is applicable to all new home loan customers who apply before August 31, 2010 and take at least part disbursement before September 30, 2010,” the release added.
Last week, SBI said that it would continue with its 8 per cent home loan product till September. Under this scheme, State Bank of India offers home loans at 8 per cent per annum for the first year and 9 per cent for the second and the third years.
After the end of the third year, the home loan customer moves to the prevailing interest rate at the time of such a shift. From the fourth year onwards, the rate will be linked to SBI’s base rate, and the effective rate is 9.25 per cent for loans upto Rs 50 lakh and 9.75 per cent for loans above Rs 50 lakh, a release from the bank said.
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