ICICI Bank announces new home loan interest rates effective Aug 14
India’s largest private lender ICICI Bank has slashed the home loan interest rates for loans up to Rs 5 crore drawn by salaried individuals.
The bank has revealed in a recent announcement that, for all floating rate home loans up to Rs 5 crore for salaried individuals, there will be only one single interest rate of 10.15 percent.
However, in case of self-employed individuals, the floating rate of interest to be charged by ICICI Bank for loans up to Rs 75 lakh will be 10.15 percent; while for loans ranging between Rs 75 lakh to Rs 3 crore, the rate will be 10.35 percent.
Previously, ICICI Bank was charging an interest rate of 10.15 percent on home loans up to Rs 75 lakh, and 10.50 percent on loans more than Rs 75 lakh.
The new home loan rate of interest announced by ICICI Bank has taken effect from August 14, for loans sanctioned up to August 31. Along with the announcement of the new interest rates, the bank has also introduced a 10-year fixed rate home loan product at 10.25 percent.
Meanwhile, in an earlier-announced scheme, which became effective from May 15 this year, ICICI Bank had reduced home loan rates for new borrowers by 10 basis points – from 10.25 percent to 10.15 percent – for loans less than Rs 75 lakh. The bank was supposed to close that scheme on June 30, but it has been extended.
Source – Financial Chronicle
home loan, Home Loan interest exemption, Home Loan Interest rate, ICICI Bank, salaried individuals, self-employed individuals
