Indiabulls housing finance announced its home loan teaser rate at 8.25%

After two leading lenders SBI and HDFC, Indiabulls housing finance, a part of Indiabulls financial services announced 8.25% teaser rate home loan.

Under this scheme company is offering a home loan at concessional rate at 8.25%, "taking care of any future fluctuations in interest rates up to April 2012 and market rate-linked rates thereafter," the company said in a statement.


The new scheme will be available across 140 cities and towns.

Indiabulls Financial Services CEO Gagan Banga told that company has set a target of achieving 40 to 45 per cent growth in its home loans business by this fiscal, apart from increasing the market share to 7-8 per cent by 2014.

He said, "The introduction of this new concessional home loan scheme at 8.25 per cent is a move to augur aggressive growth plans, with an annual target of Rs 6,000 crore worth new home loans disbursement."

Earlier on July 2, mortgage leader HDFC had launched its teaser home loan rate at 8.25 per cent and the scheme will be till the end of August. SBI, a public sector lender was the first one to extend its teaser home loan rates at 8% for another three months till September.

From July 1 all the banks have moved to base rate system but SBI decided to extend its popular home loan and car loan schemes without changing the terms.

Banga said, for the meantime the company is planning to increase its sales force for home loans by about 25-30 per cent to meet its growing customer needs. He added, at present the sales growth stand by 1,500.