ICICI Bank: Cuts Home loan Interest Rates by up to 1%

India's privates sector largest lender  ICICI Bank has also done away with a special slab of above Rs. 75  lakh floating rate Home loans under this scheme

The ICICI bank is offering loans at 10.25% for loans below Rs. 30 lakh and 10.5% for loans above Rs. 30 lakh.

ICICI Bank is back in the fray to aggressively grow its housing loan book by cutting its home loan rates by 0.25 to 1% points depending on the tenure and the quantum of loan.

In its festival offer, ICICI bank is offering loans at 10.25% for loans below Rs. 30 lakh and 10.5% for loans above Rs. 30 lakh.

The bank has also done away with a special slab of above Rs. 75 lakh floating Interest rate loans under this scheme. The scheme is available at all the ICICI Bank branches.

Earlier, ICICI bank had 3 loan slabs - less than Rs. 30 lakh priced at an interest rate of 10.5%, loans higher than Rs. 30 lakh but less than Rs. 75 lakh priced at 11%, and all loans higher than Rs. 75 lakh, carrying 11.50% rate of interest. The rates on fixed housing loans ranged between 10.5% to 11.75% depending on the tenure.

The total loan book of ICICI Bank at the end of June 30, 2012 was Rs. 2,68,400 Crore, of which, 34% was retail loans. Of the Rs. 91,200 Crore of retail loans at the end of the first quarter ended June 30, 2012 Housing loans were Rs. 5,9462 Crore, nearly Rs. 1,798 crore higher than the preceding quarter.

The public sector lender SBI (State Bank of India) continues to offer cheapest housing loans. For loans up to Rs. 30 lakh, SBI is offering 10% & loans above Rs. 30 lakh, it is 10.15%, after the bank cut its base rate by 0.25% points to 9.75% last month.

Most other public sector banks like BOB (Bank of Baroda), BOI (Bank of India) and  PNB (Punjab National Bank) have launched festival offers reducing rates by 0.25% to 1% basis points to push the growth in its retail asset portfolio.

Syndicate Bank has come out with a special festive offer on housing loans at 10.50% up to Rs. 25 lakh at an EMI of Rs. 944 per lakh for 25 years and at 10.75% for above Rs. 25 lakh up to Rs. 75 lakh. For loans above Rs. 75 lakh, interest charged is 10.90%, it said in a statement.

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