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Source Economic Bureau
Tags HDFC Ltd, home loan, RBI
Posted Wednesday, Dec 02, 2009 at 0850 hrs

HDFC unveils home loan at 8.25 percent

Even as the banking system is preparing for higher interest rates, housing finance company HDFC Ltd has launched a special home loan product at a fixed rate of 8.25 per cent per annum up to March 31, 2012 and the applicable floating rate for the balance term. This is 50 basis points lower than the existing rate of 8.75 per cent on its regular home loans up to Rs 30 lakh.

“This is a flexible product with dual rates. The rate of 8.25 per cent per annum is applicable up to March 31, 2012, for all new loans irrespective of the loan amount,” HDFC said. However, it has kept the rates unchanged for existing customers. The HDFC move seems to be aimed at attracting customers who are worried about a rise in interest rates in the coming months, said a banking observer.

State Bank of India recently extended its special home loan scheme at 8 per cent interest rate by over four months to March 31, 2010, providing relief to small home loan borrowers. SBI, which offers the special scheme under ‘My Home Campaign’, offers 8 per cent fixed interest rate for five years for loans up to Rs 5 lakh, with a maximum tenure of 10 years.

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Source Times of India
2 December 2009, 01:31am IST

HDFC offers home loan at 8.25%

Upping the ante against banking leader SBI, Housing Development Finance Corp (HDFC), 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% rate of interest 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 loans
at as low as 8% fixed for the first year and subsequently 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 estimates, for a 20-year loan of Rs 30 lakh and considering present rate structure is valid when customers move from fixed to a floating rate, the effective interest rate for the tenure of the SBI loan will be 9.24% per annum compared to 8.63% in HDFC. In the Rs 30 lakh to Rs 50 lakh bracket, the effective rates work out to 9.24% for SBI and 8.81% for HDFC. And for loans of Rs 50 lakh and above, effective rate for SBI will be 9.5% compared to 9% for HDFC. A lower rate leads to savings on the part of the customer.

The new rate from HDFC is part of its festival offer, usually given during the December-March period in every financial year. The main reason for offering a lower rate is HDFC's ability to bring down its costs of funds, due to the availability of ample liquidity in the system, said Renu Sud Karnad, joint MD, HDFC. ‘‘The banking system continues to park around Rs 1 lakh crore with RBI through reverse repo. We have been able to bring down our costs due to improved operational efficiency and good quality portfolio,'' Sud Karnad said. ‘‘This will reduce the cost for the home buyers,'' she added.

All home loan customers who apply and take a part-disbursement before March 31, 2010, will get this rate. The rate is fixed for loans of all amount but after March 2012, prevailing rates as per the amount of the loan will be applicable to the home buyers, an HDFC release said. At present, HDFC has three slabs: loans up to Rs 30 lakh, above Rs 30 lakh to below Rs 50 lakh and Rs 50 lakh and above

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