MUMBAI, Aug 10 (Reuters) - India's Housing Development Finance Corp Ltd plans to raise funds through commercial papers maturing in two months, three merchant bankers said on Wednesday.

The housing finance company will offer a yield of 5.89% on this issue, and has received commitments worth around 35 billion rupees ($440.33 million) so far, the bankers said.

The notes, rated A1+ by CRISIL, have a value date of Aug. 19 and will mature on Oct. 21. ($1 = 79.4850 Indian rupees) (Reporting by Dharamraj Lalit Dhutia Editing by Vinay Dwivedi)