HDFC Comes Up With Fixed Rate Home Loan This Festive Season

In a bid to lure customers this festive season, Indian banking and financial services company HDFC today rolled out a fixed interest rate home loan product for a short duration.

Apart from this, the Mumbai-headquartered company has cut down its deposit rates by up to 15 basis points across various products and options.

A PTI report revealed that “under TRUFIXED product, the customer can avail a home loan at a fixed interest rate for the duration of 2 years to 10 years and thereafter, the loan will switch automatically to HDFC's adjustable rate home loan (ARHL) product without any charges, the company said in a statement.”

According to the housing finance company, the options are in addition to all existing home loan products being offered by HDFC.

It also said that these options are for customers seeking to lock in their home loan interest rates and not take risk on interest rates for a period of as long as 10 years.

In the 2 and 3 years option range, the interest rates for between 10.15% to 10.35% and for 10 years between 10.25% to 10.50% every year. This offer shall be applicable to all customers who apply between December 22 and January 31, 2015. (Image: commerceduniya.com)