HDFC Bank Launched New
Fixed Home Loan Scheme For 10 Years at Lesser Interest Rates.
Coming specifically to
the recent launch of HDFC's Truefixed loans, Housing loans is a long-duration
product during which
customers can go through
volatile interest rate cycles.
By giving a 10 year
fixed rate housing loan, HDFC is taking upon itself the interest rate risk
while the customer is
protected from the interest changes.
Right now, it seems to
be a little bit of consensus opinion that rates will come down.
But, who knows nearly
the rates 5 to 7 or / 10 years from now.
A fixed-rate loan is
ideal for someone who has limited capacity & limited resources and
would not like to run
risk of rates going up some time in future.
Further Buyers of
affordable homes have fixed budgets and look for
stability and
predictability in their EMIs.
In case of people close
to retirement, the worst case scenario is when rates go up sharply, leading to
increase in the loan
tenure and with most lenders unwilling to lend beyond
the retirement age, the
equated monthly instalment (EMI) can increase sharply, not a situation to be in
& such for borrowers fixed-rate home
loan product will work
in their favour.
Interest
Rates As Follows: -
TruFixed Plus Loan – 2 Year Fixed
Rate Variant [Limited Period Offer]
RPLR: 16.75%
|
Loan Slab
|
Interest Rates during the 2
Year Fixed Rate Term (% p.a.)*
|
Post the Fixed Rate Term the
applicable Interest Rates shall be the prevailing Rate of Interest under
Adjustable Rate
|
|
Up to and includingRs.30 lakh
|
10.25 to 10.75
|
RPLR – (6.60 to 6.10)
|
|
Rs.30.01 lakh toRs.75 lakh
|
10.50 to 11.00
|
RPLR – (6.60 to 6.10)
|
|
Rs.75.01 lakh onwards
|
10.50 to 11.00
|
RPLR – (6.25 to 5.75)
|
TruFixed Plus Loan – 3 Year Fixed
Rate Variant [Limited Period Offer]
RPLR: 16.75%
|
Loan Slab
|
Interest Rates during the 3
Year Fixed Rate Term (% p.a.)*
|
Post the Fixed Rate Term the
applicable Interest Rates shall be the prevailing Rate of Interest under
Adjustable Rate
|
|
Up to and including Rs.30 lakh
|
10.75 to 11.25
|
RPLR – (6.25 to 5.75)
|
|
Rs.30.01 lakh toRs.75 lakh
|
10.75 to 11.25
|
RPLR – (6.00 to 5.50)
|
|
Rs.75.01 lakh onwards
|
11.00 to 11.50
|
RPLR – (6.00 to 5.50)
|
This offer shall be applicable to
all customers who apply between December 22, 2014 and January 31, 2015 and
avail of the first disbursement on or before March 31, 2015.
The new scheme — HDFC Trufixed
interest rate home loans — has been launched as an Independence Day
special. Home loans of up to Rs 30 lakh are available at a fixed
interest rate of 10.25 to 11.25% and loans above Rs. 30 lakh and up to Rs. 75
lakh at 10.50% to 11.25%. loans above Rs.75 lakh available
from 10.50% to 11.50% rate of interest.
These options are for customers
seeking to lock in their housing loan interest rates and not take risk on
interest rates for a period of as long as 10 years.
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