HDFC also extends teaser home loans

Faced with competition from the biggest lender of the country, State Bank of India has made HDFC Bank increase its teaser loan scheme on home loans.

The product will carry a fixed rate of 8.25% up to March 2011 and 9.25% for the subsequent 12 months. From April 2012, the existing home loan rates will be applicable.

The policy rate increase by RBI will not impact the bank’s prime lending rate or the scheme.

Keki Mistry, vice-chairman and CEO said, “A quarter-percent hike is a gradual increase. Unless there is either a reduction in liquidity or more of such rate hikes, I don’t see rates going up”.

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