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Saturday, December 21, 2013

ICICI bank cuts home loan rates to 10.25%

ICICI Bank, India’s largest private lender reduced interest on home loans by 15 basis points at 10.25 per cent.

The bank has introduced a 'special scheme' that will offer home loans up to Rs 75 lakh at 10.25 per cent rate. The rates for home loans above Rs 75 lakh will be at 10.50 per cent, an ICICI official said confirming the news.

For existing ICICI bank customers, interest rates remain at 10.40 per cent for upto Rs 75 lakh and 10.65 per cent for loan above Rs 75 lakh.

The offer will be available till January 31, 2014 with immediate effect.

The base rate of ICICI Bank is at 10 per cent.

This move comes after State Bank of India and HDFC also reduced their base rates a day after the RBI maintained a status quo on key policy rates.

Public sector lender, SBI also pared interest rate on home loans by 15-20 basis points.

Even as it cut the home loan rates, SBI raised the slabs for home loans in view of the rising property prices, especially in metros. The new slabs are – up to Rs 75 lakhs (up to Rs 30 lakh earlier) and above Rs 75 lakh (above Rs 30 lakh earlier).

Henceforth, a uniform interest rate of 10.15 per cent will be charged on home loans up to Rs 75 lakh (against the current rate of 10.30 per cent for loans up to Rs 30 lakh).

SBI will charge 10.30 per cent interest on home loans above Rs 75 lakh (against the current rate of 10.50 per cent for loans above Rs 30 lakh).

HDFC reduced rates by 25 bps for home loans availed before January 31, 2013. The interest rate charged is 10.25 per cent for loans up to Rs 75 lakh.

"HDFC has announced a special winter bonanza for its home loan customers effective Friday, December 20. This is a limited period offer and is valid for all new applications submitted before January 31, 2014 and first disbursement taken by February 28, 2014," HDFC said in a statement earlier this week.

Source: thehindubusinessline


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