HDFC home loan at Just 8.25% rate of interest
HDFC (Housing Development Finance Corp), has decided to give loans at a fixed rate of 8.25% per annum. HDFC’s new offer will be for all new loans taken before April 1, 2010, and the 8.25% Home Loan rates will remain fixed till March 2012. Thereafter, depending upon the loan amount, the customer will move to a floating rate structure, applicable on April 1, 2012. NRIs and PIOs can also get loans at this reduced rate, an HDFC release said. Over the last few months, SBI had been offering home loan at as low as 8% fixed for the first year and afterward moving to a higher rate. Compared to HDFC’s 8.25% offer, SBI offers home loans of up to Rs 30 lakh at 8% for the first year, 8.5% for second year and from third year onward it moves to a floating rate, the bank said. The hugely advertised 8% rate from SBI had generated substantial interest among home buyers since it was launched. According to industry estimate, for a 20-year loan of Rs 30 lakh and considering present rate formation is