Indiabulls takes on SBI and HDFC, offers home-loans at 8.25 pc | india | Hindustan Times
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Indiabulls takes on SBI and HDFC, offers home-loans at 8.25 pc

india Updated: Jul 09, 2010 21:41 IST

The home loan finance segment, which is witnessing aggressive play by big lenders, got hotter with Indiabulls offering a flat rate of 8.25 per cent till April 2012, claiming to be the best in the category.

The rate has been arrived at "taking care of any future fluctuations in interest rates upto April 2012 and market rate linked rates thereafter," the financial services firm said in a statement issued here today.

Country's largest lender, State Bank of India, has a scheme under which a customer will pay at the rate of 8 per cent per annum for the first year and at nine per cent for the
second and third years.

Private sector HDFC has introduced a scheme under which customers will be charged at 8.25 per cent till March 2011 and at 9.25 per cent for 2011-12 after which their
home-loans become linked to prevailing rates in the market.

Introduction of this new concessional home-loan scheme at 8.25 per cent is part of company's aggressive growth plans, Indiabulls Financial Services Chief Executive Officer,
Gagan Banga, said.

The company plans to grow its home-loans business by 40-45 per cent to disburse Rs 6,000-crore of new home-loans.

The company is also eyeing an increase in its marketshare from the current 4 per cent to 7-8 per cent by 2014, he said.

The company will also add 25-30 per cent more people to its current home-loans sales force of around 1,500 people, he added.