In an environment of hardening interest rates, HDFC on Wednesday, launched a special product offering home loans at 8.25 per cent for the first year and nine per cent for the second year. From the third year, applicable floating rates will apply. HDFC's ongoing home loan rate is 8.75 per cent.
"We have not sacrificed our margins," said Keki Mistry, vice chairman and CEO, HDFC.
State Bank of India continues to offer home loans at 8 per cent for the first year.