Just a day after the largest lender of the country, State Bank of India said that it might extend its teaser loan scheme beyond September, HDFC Bank has introduced a new avatar of its teaser loan scheme.

The new scheme titled dual rate home loan (DRHL). The scheme which is partly fixed and partly floating. The new scheme will be applicable for all new customers who come for a home loan on or before September end and opt for atleast a part of the disbursement before October 31.

"Under this offer, home loans will be available at a fixed rate of 8.5 per cent up to March 31, 2011, 9.5 per cent for period between April 1, 2011 and March 31, 2012 and the applicable floating rate for the balance term," it said.

This scheme takes over the previous teaser loan scheme of the bank where loans were available at 8.25 per cent for the first year, 9 per cent for the second year and at a floating rate afterwards.

SBI gave a hint yesterday that they might continue with the teaser loan scheme beyond September seeing the huge response from customers.

"Eight per cent rates is a viable proposition and there is no reason why it should not continue," SBI Managing Director S K Bhattacharya had said.