Fixed rate housing finance scheme launched: HSBC

By Accommodation Times (www.accommodationtimes.com)
MUMBAI:
In the last week HSBC the second largest money lender across the country has launched the new fix rate home loan scheme and loans against property.
According to the new launched scheme there are two options, in the first option customer can make pre-payments subject to certain conditions and in the second option wherein the customer chooses not to make pre-payments during the fixed rate period.
The bank said in a statement that, “the new fixed rate scheme is available for one to five years period for home loans and five years for loan against property, with applicable rate beginning at 11.25 percent for a one-year tenor to 11.75 percent for a five-year home loan.”
The bank added in statement that “there is 25 basis points subvention for every tenor provided the borrower does not choose to pre-pay the loan.”
However, a home loan which has a five years tenor the rate is 12.50 percent and 12.75 percent if pre-paid.