ICICI Bank cuts home loan rates by 10 bps
ICICI Bank has implemented a reduction in interest rates on home loans by 10 basis points – to 10.15 percent – for borrowers who draw loans for an amount up to Rs 75 lakh.
The new reduced interest rate on home loans brings ICICI Bank at par with India’s biggest lender, the State Bank of India, which charges a 10.15 percent interest rate from customers for loans up to Rs 75 lakh.
According to the details shared by ICICI Bank, the reduced interest rates on home loans will have come into effect from May 15, 2014. The reduced interest rates will be applicable for all loans that are approved by June 30, 2014.
Moreover, unidentified sources have also disclosed that the reduced interest rates announced by ICICI Bank will apply only to salaried customers; with self-employed customers still required to pay a 10.25 percent interest rate.
It has also been revealed that for all home loans for an amount of more than Rs 75 lakh, the ICICI Bank will continue to charge an annual interest rate of between 10.5 percent and 11.25 percent.
However, for home loans up to Rs 15 lakh, classified under priority sector lending, the ICICI Bank will charge 10.15 percent rate too. This offer will applicable only to those borrowers who – including their dependent family members – either do not own any home at present or are single-home owners getting their home loan transferred from other banks.
Source: The Financial Express
home loan, Home Loan Interest rate, Home Loan rates, home loan rates by 10 bps, ICICI Bank, ICICI Bank Base Rate, lower interest rates on home loans, reduced interest rates, reduction in home loan rates by 10 basis points
