Mumbai: HDFC today relaunched its TruFixed home loan scheme, wherein borrowers will have to pay a fixed interest rate for 10 years and migrate to a floating rate thereafter.
The country's largest housing finance company said the switch would happen without the payment of any charges.
The scheme is targeted at those seeking to lock in their home loan interest rates for as long as 10 years.
HDFC has fixed an interest rate of 10.15-10.35 per cent for two and three years and between 10.25 per cent and 10.50 per cent for 10 years.
A statement from the company said the offer would be applicable to customers applying between December 22 and January 31 and who can avail themselves of the first disbursement on or beforeMarch 31.
After the completion of the fixed rate period, the loan will switch to HDFC's adjustable rate, which is linked to its retail prime lending rate.
The rate of interest applicable during the adjustable rate period will depend on the retail prime lending rate at the time of the switch.
The floating rates for loans up to Rs 75 lakh is 10.15 per cent and for loans above Rs 75 lakh is 10.50 per cent.