The
ICICI bank has introduced two slabs for home loans: upto Rs. 75 lakh at 10.25%,
reduced from 10.40% and above it at 10.50% against 10.65% previously. This offer
will be valid till January 31, 2013
Ahead of the year-end
(2013) festivities, lenders have waged a housing loan rate war.
India's second largest lender ICICI Bank on
Saturday has decided to cut interest rates by 0.15% (15 basis points) designing
a special scheme, which is only available to the new customers.
The ICICI bank has
introduced two slabs for home loans: upto Rs. 75 lakh at 10.25%, reduced from
10.40% and above it at 10.50% against 10.65% previously. This offer will be
valid till January 31, 2014. ICICI Bank spokesperson was not immediately
available for comments.
Earlier in the week,
India's largest lender the State Bank of India (SBI) lowered its home loan
rates by 0.15% to 0.25% while raising the borrowing limits. It offered a
special discount of 0.05% for women borrowers.
This was immediately
followed by the another home loan major - Housing Development Finance Corp.
(HDFC) which now charges 10.25% for loans up to Rs. 75 lakh, down from 10.75%
earlier. These rates are applicable for applications submitted up to January
31, 2014.
On December 18, 2013
the Reserve Bank of India (RBI) announced its mid quarter monetary policy where
it decided to keep the policy rates unchanged. The repo or the rate at which
banks borrow from RBI is currently at 7.75 %.
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