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HDFC to offer switchover option
By Our Special Correspondent
MUMBAI,
NOV. 24.
Housing Development Finance Corporation Ltd (HDFC) is working out a plan for its existing customers which would allow them to switchover from floating to fixed rate. It already allows borrowers to covert from fixed to floating rates.
"We are working on such a scheme and will launch soon,'' said Deepak Parekh, HDFC Chairman, here today on the sidelines of a World Bank-Confederation of Indian Industry conference. But the change would come at a cost, he added.
On interest rates Mr. Parekh said the fluctuation in rates depended on inflation and oil price. Barring unforeseen circumstances, "I do not foresee any rise in rates till March,'' said Mr. Parekh, adding, "We have to be prepared for interest rates going up or down on a regular basis and it is a phenomenon all over the world.''
Last Saturday HDFC has announced a 50 basis point hike in home loan interest rates under the floating option to 7.5 per cent annually with effect from Monday.
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