Search:



The Web

Rediff








 Latest Business news on mobile: sms BIZ to 7333

Home > Business > Business Headline > Report


ICICI Bank cuts home loan rates

November 10, 2003 18:12 IST

ICICI Bank, one of India's leading home loan providers, on Monday announced a reduction in interest rates on its adjustable (floating) rate home loan products.

With this, adjustable rate home loans with maturity up to five years would be available at the rate of 7.50 per cent and home loans with maturities of 6-20 years at the rate of 7.75 per cent, making them among the most cost effective offerings in the country.

The new rates will be effective from November 11, 2003.

The new floating home loan rates effective from November 11, 2003:

Tenure

Rate

EMI per lakh

Up to 5 years

7.50 per cent

Rs 2,004 for 5 years

6-20 years

7.75 per cent

Rs 821 for 20 years

The Bank has also announced a 0.5 per cent reduction in the ICICI Home PLR.

This ensures that the benefit of reduced rates will be available not only to new customers, but also to existing customers who have taken floating rate home loans earlier from ICICI Bank.

"With the ongoing reduction in our cost of funds and the continuing soft interest rates in the system, we are pleased to offer a corresponding benefit to both our existing and new customers. We will continue to serve our customers by offering transaction convenience and competitive product features," said Chanda Kochhar, executive director, ICICI Bank.

The above rates would also be available on balance transfer schemes in force. Customers with existing home loans can benefit substantially by transferring their loans to ICICI Bank and enjoy these new rates.

As a special festival offer, ICICI Bank's adjustable rate home loans will be available at a uniform interest rate of 7.5 per cent for all tenors till November 26, 2003.

Customers availing the Bank's Balance Transfer scheme during this period will also benefit from zero fees for home loans transferred to ICICI Bank from their existing bank/ housing finance company.


7333: The Latest News on Your Mobile!



Share your comments


 What do you think about the story?




Read what others have to say:


Number of User Comments: 16




Sub: At present What is rate of interest

I have take loan of 1,50,000.00 for 10 Years. My Agreement No LBCL00000354238, Also want to know that , when have I to Give PDC ...


Posted by Khukoo Chattopadhya





Sub: homeloans

Dear Sir, I have an icici bank salary account at Bhubaneswar.I want to have a home loan .I'll be highly thankfull to you if you ...


Posted by sashibhusan mukhi





Sub: how do i repay my loan

i got married recently and am in US. i ahve a home loan icici loan in india..for which i pay monthly RS 4500/ installment...i had ...


Posted by varsha





Sub: home loan intt. rate

Thanks for distinction to customers.Pease advise car loan intt. rate alongwith terms conditions.


Posted by ram babu rastogi





Sub: Transfer of balance

Iam currently a customer of HDFC, Bhubaneswar branch. I have taken a loan of 9.5 lakh on fixed rate for a period of 5 yrs. ...


Posted by B.L.Behera




Disclaimer




Article Tools
Email this article
Top emailed links
Print this article
Write us a letter
Discuss this article



Related Stories


Big blips in the growth story



People Who Read This Also Read


Is ABN Amro offer great?

Vijaya Bank cuts home loan rates

IDBI Home cuts rates to 7.75%







Copyright © 2005 rediff.com India Limited. All Rights Reserved.