ICICI Bank cuts Housing Loan Rates by 0.25% for New & Existing Customers..!

This move will benefit all existing customers of floating housing loans, whose home loan rates will be reduced by 0.25% as per the change in Base Rate .

ICICI Bank, recently announced reduction of housing loan rates by 0.25% (25 basis points) for all existing and new customers.

With this announcement, women as well as applicants from weaker sections will get housing loans at 9.85%. The rate will be 9.90% for all others. The reduced rate will be effective from April 14, 2015 for new borrowers.

The Bank has also reduced ICICI Bank Base Rate by 25 basis points to 9.75% with effect from April 10, 2015. This move will benefit all existing customers of floating home loans, whose home loan rates will be reduced by 0.25% points as per the change in Base Rate “I-Base”.   
  
The interest rate for fixed rate housing loans have also been reduced. The borrowers taking fixed rate housing loans with tenure of 10 years for loan amount upto Rs. 30 lakh will have to pay 9.90%, the same effective interest rate applicable for floating rate home loans.
   
Details of new home loan rates effective April 14, 2015

Type of home loan	Categories	Interest rates
Floating rate	Women	Upto Rs. 75 lakh : 9.85%
	Weaker sections	Upto Rs. 25 lac : 9.85%

  

	Salaried	Upto Rs. 5 crore : 9.90%	Above Rs. 5 crore : 10.15%
	Self Employed	Upto Rs. 1.5 crore : 9.90%	Above Rs. 1.5 crore: 10% to 10.15%
Fixed:1 Year, 2 Years, 3 Years	Salaried	Upto Rs. 5 crore : 9.90%	Above Rs. 5 crore : 10.15%
	Self Employed	Upto Rs. 1.5 crore : 9.90%	Above Rs. 1.5 crore : 10% to 10.15%
Fixed : 5 Years   and 10 Years	Salaried	Upto Rs. 30 lakh : 9.90%	Above Rs. 30 lakh : 10% to10.25%
	Self Employed	Upto Rs. 30 lakh : 9.90%	Above Rs. 30 lakh : 10% to 10.25%

  

The definition of weaker sections for the purpose of housing loans is governed by the RBI guidelines under Priority sector loans.

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