ICICI Bank launches fixed rate home loan scheme

Mumbai: India's No. 2 lender ICICI Bank on Thursday launched a fixed-interest-rate home loan scheme, where customer will get home loans at a fixed interest rate for one or two year years, post which the loan will move to floating interest rate.

These products will be available from Aug 19, the bank in a statement.

Under the one year fixed rate home loan, the customer can avail a loan at 10.5 percent for an amount less than or equal to 2.5 million rupees, 11 percent for a loan amount greater than 2.50 million rupees and less than or equal to 7.50 million rupees and 11.50 percent for a loan amount greater than 7.50 million rupees.

The floating rate from the second year will be linked to the base rate plus margin decided at the time of sanction of the loan.

ICICI Bank's base rate currently stands at 10 percent.

Source: Financial Express