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ICICI cuts home loan rates by 25 bps

After State Bank of India, ICICI Bank has announced a 0.25 per cent cut in interest rate on its home loan products with effect from Saturday for both adjustable and fixed rate options.

The bank has also effected a reduction in the home prime lending rate from 11 per cent to 10.75 per cent, ICICI Home Finance managing director V Vaidyanathan said in a statement issued in Mumbai on Saturday.

The floating rate for loans up to five years would now be 9.25 per cent (as against the earlier rate of 9.5 per cent) while the fixed rate would be 10 per cent (10.25 per cent), the statement said.

For loans with 6-10 year tenure, the floating rate would now be 9.75 per cent (10 per cent) and fixed rate 10.5 per cent (10.75 per cent), respectively.

For 11-15 years and 16-20 year tenures, the floating and fixed rates would be 10.25 per cent (10.50 per cent) and 11 per cent (11.25 per cent), respectively, the release added.

Loans with 21-30 year tenure would only have the fixed rate option of 11.75 per cent (12 per cent).

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