Indiabulls Financial Services today launched a 8.25 per cent teaser rate home loan, a week after rivals HDFC and SBI extended their special schemes.
The scheme offers a concessional rate home loan scheme at 8.25 per cent, "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 has been introduced by Indiabulls Housing Finance, a part of Indiabulls Financial Services, and would be available across 140 cities and towns.
Indiabulls Financial Services CEO Gagan Banga said that the company plans to achieve 40-45 per cent growth in its home loans business by this fiscal, besides increasing the market share to 7-8 per cent by 2014.
"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," he noted.
On July 2, mortgage leader HDFC had announced 8.25 per cent teaser rate home loans till the end of August. The announcement came two days after public sector lender State Bank of India (SBI) extended its 8 per cent concessional home loan scheme for another three months till September.
SBI had decided to extend its popular home loan and car loan schemes and leave the terms unchanged, following the transition to the new benchmark lending rate regime from July 1.
Meanwhile, Banga said that the company plans to increase its sales force for home loans by about 25-30 per cent to meet its growing customer needs. At present, the strength of the sales force is 1,500, Banga added.
