According to a company release, HDFC has launched a special home loan product at a fixed rate of 8.25 per cent a year valid up to March 31, 2012 and the applicable floating rate for the balance term, i.e after March 31, 2012, the interest rate will be changed to the then prevailing floating rate and will vary with the loan amount.
All new loans, irrespective of the amount are eligible for this flexible product with dual rates. According to the release, this special rate is applicable to all new home loan customers, be they residents, non residents or persons of Indian origin, applying before January 31, 2010 and taking at least part disbursement before March 31, 2010.
Another new product launched by HDFC is “Move in Home loans” and has been created with the purpose of assisting customers to get loans quickly to buy a “Ready to move in new property or a Resale property”.
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