HDFC has re-launched its fixed interest rate home loan product, in an effort to lure customers.
With the fixed rate option, TruFixed, borrowers can get a home loan at a fixed interest rate for two to 10 years following which the loan will automatically switch to the bank’s adjustable rate home loan (ARHL) product, free of charge.
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Borrowers will also have the option to move to a floating rate before the end of the fixed period, though it will be charged.
The interest rates for two and three year loans will be between 10.15% and 10.35%, whereas for 10 years the rates will range between 10.25% and 10.50% per year.
The interest rate applicable during the ARHL loan period will be based on the retail prime lending rate at the time of the loan switch to ARHL.
The offer will be applicable to all customers applying between 22 December and 31 January and availing of the first disbursement on or before next March 31.
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By GlobalDataAt the same time, the lender has also reduced its deposit rates by up to 15 basis points across a range of products and options.
