Home Loan Teaser Rates To Stay, HDFC's Chairman Says

Bank’s chairman Mr Deepak Parekh said that home loan teaser rates are here to stay for long. "At the moment it looks like it is a product to stay permanently," Mr Parekh said. HDFC has launched a dual rate home loan (DRHL), part fixed and part floating, earlier this month. "If one bank has it then every bank has to be competitive," Mr Parekh said at the national management convention of All India Management Association. Although the Reserve Bank of India had been a critic of the teaser rates for home loan, lending majors like State Bank of India have already announced continuing the rates beyond September. 
24 Sep 2010 The Financial Express