Housing Development Finance Corp (HDFC), India's top mortgage lender, has launched a dual interest rate home loan offer, weeks after the country's largest private lender ICICI Bank floated a similar scheme. Under the HDFC offer, borrowers have the option of availing a fixed rate of interest on their loan for an initial period of 3 or 5 years, it said in a statement late on Monday. The scheme will then move to a floating rate of the lender called Adjustable Rate Home Loan. Customers should apply by October 31 and avail of the first disbursement by November 30 to avail this offer, it said. The Reserve Bank of India had earlier opposed such dual rate schemes which it dubbed as teaser loans, following which State Bank of India had to make a hefty provision for such loans. But lenders who have floated these products afresh claim that these new products are offered at market rates for even the fixed period.
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