Mumbai: HFDC Ltd on October 25 unveiled a Diwali bonanza scheme by offering home loans at 7.75 per cent for upto 20 years under floating basis.

The "Diwali Home Loan Bonanza" scheme would be available from October 27 to November 5, HDFC said in a release and added that processing fees has also been waived.

All HDFC offices would remain open for these 10 days. The company would give spot approvals and free counselling on legal issues.

The current floating rates are 8.75 per cent (for up to five years), nine per cent (6-10 years) and 9.5 per cent (11-20 years).

ABN Amro Bank, last week, had announced a rate of six per cent in first year and 6.5 per cent in second year under its 'Super Saver Loan Package', targeting at least 10 per cent of the Rs 50,000 crore home loan segment.

From the third year, the foreign bank would offer loans at the prevailing floating rate for all loans between Rs one lakh to Rs one crore, it had said.

In September, State Bank of India reduced interest rates for housing loans. The revised floating rate for home loans upto five years is 7.75 per cent, 5-15 years is 8.25 per cent and that for 15-20 years is 8.5 per cent.

PTI