Mortgage leader HDFC announced a new concessional rate home loan scheme,where it will charge a low 8.25 per cent interest from borrowers in the first year. Within days of state-run SBI extending its 8 per cent teaser rate home loans till September,private sector giant HDFC today said that it would offer 8.25 per cent initial interest rate till August 31. The 8.25 per cent rate would be charged till March 31,2011,and would increase to 9.25 per cent for the next one year,that is till March 31,2012. Pursuant to that the prevailing floating rate would be applicable for the balance term of the loan tenure,HDFC said.
