Banks Offering Dual Home Loan Rates

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(Free-Press-Release.com) December 17, 2011 -- Every person dreams of getting a great house at the great and affordable rates. Whether it is Mumbai, Delhi, Nagpur, Chandigarh or Chennai, every city has great realty options. But well, not everyone can afford it and this is where banks and financial institutions offering home loans come into the picture. With realty sector reaching new heights and economic conditions reviving, banks are more than eager to help people who want to buy their dream house. HDFC and ICICI banks have always pioneered the home loan markets and recently they came up some fantastic schemes.

Every person dreams of getting a great house at the great and affordable rates. Whether it is Mumbai, Delhi, Nagpur, Chandigarh or Chennai, every city has great realty options. But well, not everyone can afford it and this is where banks and financial institutions offering home loans come into the picture. With realty sector reaching new heights and economic conditions reviving, banks are more than eager to help people who want to buy their dream house. HDFC and ICICI banks have always pioneered the home loan markets and recently they came up some fantastic schemes.

HDFC has introduced a new dual rate product. This gives the people the option to lock into present rates which ran from 10-11%. Lock in period is for anywhere between three to five years. People end up paying 25-50 basis points more than prevailing rates on home loans. In fact, it is very similar to ICICI has to offer to the Indian public. ICICI Bank offers loan with rates that are fixed for the first 2 to 3 years. Dual rate loans had kind of disappeared in between when fraudulent cases were cracked down by the Reserve Bank Of India (RBI). But it is back in the market and ICICI is the first to revive a dual rate structure recently.

The dual rate scheme marks a comeback for the fixed home loans. It is forecasted that Reserve Bank Of India (RBI) will pause its hikes in the current year and reduce rates by 100 basis points. The dual scheme has two options mainly – one where customer is not allowed to make any pre payments during the lock in period and the other where the customer can make pre payments dying the lock in period, according to certain terms and conditions.

Well, as is the case with any financial institution, it is very necessary to understand all the terms and conditions attached to any scheme. Of course, banks are here to make money. It is the customer who needs to be careful and know more about the scheme. In such a scenario, it is advised that potential customers should reach out to various banks and contact their customer or loan agents and get to know the finer nuances of each and every option. Depending on what you are looking for and what is available, you can make an informed decision and informed choice!

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