ICICI bank Home loan rate Cut

ICICI Bank has announced on Tuesday that they slashed home loan rate for both existing as well as new borrowers by 0.25 percent joining a rate cut was initiated by its bigger rivals HDFC Ltd and SBI. Women borrowers and financially weaker sections will now get home loan at 9.85 percent, while for other borrowers it will be 9.90 percent. The cut in the home loan rate is in line with the base rate reduction of 0.25 percent announced last week as there is no tinkering with spreads on loans.

The country's largest lender SBI is also offering similar home loan rates effective yesterday. ICICI Bank has confirmed that home loan rates effective today are valid for all existing and new customers. With this announcement, women as well as applicants from weaker sections will get home loans at 9.85 percent. The rate will be 9.90 percent for all others. The interest rate for fixed rate home loans has also been reduced. The borrowers taking fixed rate home loans with tenure of 10 years for loan amount up to Rs 30 lakh will have to pay 9.90 percent, the same effective interest rate applicable for floating rate home loans. Effective April 10, the new base rate or the minimum lending rate is 9.75 percent. The move will benefit all existing customers of floating home loans, whose home loan rates will be reduced by 0.25 percent as per the change in the base rate.