New Delhi: At a time when interest rates on home loans are hovering around 11-14 percent, realty firm BPTP has joined hands with private sector lender HDFC to finance new purchases of houses at just 5.99 percent for a limited period till December 31.

The rates, however, will be applicable for EMIs for the first five years.

"BPTP...on Monday announced a partnership with HDFC to offer home loans at just 5.99 percent per annum. This is part of a limited period special offer, designed to make home loans affordable to consumers," the real estate firm said in a statement.

Compared to prevailing interest rates for home loans, this scheme, valid between December 18 and December 31, will offer almost 40 percent reductions in the EMIs for the first five years, it added.

"For home buyers, this would translate into substantially reduced EMIs... This is among the lowest rates ever offered in the history of Indian home finance," the company said.

At present, HDFC provides home leans with fixed interest rates varying between 12.25 percent and 13 percent depending upon the loan amount.

In order to bring inflation under control, the Reserve Bank of India has raised interest rates 13 times since March, 2010 to tame inflation.

BPTP has major presence in Faridabad, Noida and Gurgaon in housing, commercial and retail sectors. In the housing sector, the company is present from affordable to luxury housing segments.

Commenting on the tie-up, BPTP Director (Strategy and Systems) Sandeep Bedi said: "At BPTP, we have unwavering commitment to the end user, and with this scheme, we make owning a home lot more affordable."