Mumbai: HDFC has launched 'Fixed First' a new initial fixed interest rate home loan option. Under this option the borrower can avail a home loan at a fixed interest rate for the initial duration of 3 or 5 years and thereafter. The loan will switch automatically to HDFC's Adjustable Rate Home Loan (ARHL) product. The customers seeking to lock in their home loan interest rates and not take risk on interest rates moving up in the initial years can opt for this scheme. In order to avail this special offer the customers should apply on or before 31st October 2011. They can avail of the first Disbursement on or before 30th November 2011. Under 'Fixed First' the fixed rate of interest for the initial period is as under the applicable rates Under the 3 year option of the product, the fixed rate will be available up to November 30, 2014 while under the 5 year option the Fixed rate will be available up to November 30, 2016. After the completion of the fixed rate period, the loan will switch to HDFC's ARHL product, linked to HDFC's RPLR. The rate of interest applicable during the ARHL period of the loan depends on the RPLR at the time of the switch of the loan to ARHL. The floating rates on the switch to ARHL based on current RPLR for loans up to 30 lakhs is 10.75 percent pa, for Loans between 30 lakhs and 75 lakhs it is 11 percent pa and for loans above 75 lakhs is 11.50 percent pa.