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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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