Following shortly on the heels of the biggest lender in the country, State Bank of India, HDFC Bank has launched a new format of its teaser home loan scheme.
The new scheme is called dual rate home loan (DRHL). The scheme is partially fixed and partially floating. The new scheme will be offered to all new clients applying for a home loan on or before September end and go for a partial disbursement prior to October 31.
HDFC Bank said, “Under this offer, home loans will be available at a fixed rate of 8.5 per cent up to March 31, 2011, 9.5 per cent for period between April 1, 2011 and March 31, 2012 and the applicable floating rate for the balance term”.
This scheme overrides the earlier teaser loan scheme of the bank under which loans were given at 8.25% for the 1st year, 9% for the 2nd year and at a floating rate subsequently.