HDFC, India's largest mortgage lender has introduced a new home loan scheme that carries an interest rate of 8.25 percent per annum up to March 31, 2012 and floating rate for the remaining tenure.

This is 50 basis points lower than the current rate of 8.75 percent on loans amounting to Rs. 30 lakh.

The bank said, "This is a flexible product with dual rates. The rate of 8.25 per cent per annum is applicable up to March 31, 2012, for all new loans irrespective of the loan amount." However, rates for existing customers have not been altered.

According to a banking observer, the move is aimed at luring customers who are concerned about rate hike in coming months.

Renu Sud Karnad, Joint MD, HDFC, said, "There is ample liquidity in the system. The banking system continues to park around Rs 1 trillion with RBI through reverse repo. We have been able to bring down our costs due to improved operational efficiency and good quality portfolio. Based on current marginal cost of borrowing a special festive offer is being made to new customers to reduce the cost for the home buyer.

HDFC pointed out that the offer would be applicable to all new home loan customers who apply before January 31, 2010 and take at least part disbursement before March 31, 2010. It also revealed that while fixed rate would remain fixed, the floating rate would vary with the loan amount.

Seeing a huge potential in the education loan segment, the lender has forayed into the segment by announcing a 41% stake in Credila, an education loan provider.