ICICI Bank: Cuts Housing Loan Rates..

For salaries, loans up to Rs. 75 lakh will be priced at 10.15 %, down from 10.25 %

ICICI Bank has pared the interest rates on floating housing loans up to Rs. 75 lakh to 10.15% from 10.25% for salaried customers, thereby restoring interest rate parity with its larger rival SBI (State Bank of India).

The housing loan rate now comes at a mark up of 0.15% points over ICICI Bank’s benchmark “I-Base” of 10%. One basis point is one-hundredth of a percentage point.

For hosuing loans above Rs. 75 lakh, India’s largest private lender will continue to charge between 10.50% and 11.25% interest. SBI charges 10.30% interest in this slab.

 

From BS

Women borrowers

For women borrowers, ICICI Bank had earlier cut the interest rate on housing loans up to Rs. 75 lakh to 10.10% from 10.25%. SBI is currently charging 10.10% interest on home loans for women under the “Her Ghar” scheme.

ICICI Bank has also introduced one- and 2 -year’s fixed rate housing loans. These loans will become floating interest rate loans from the May 13th and 25th month onwards.

Under the abovementioned scheme, housing loans up to Rs. 75 lakh will be available at 10.25% for self-employed borrowers.

Further, loans above Rs. 75 lakh and up to Rs. 5 crore will be available at 10.50% to 11%.

The private sector bank ICICI has launched a renewable fixed rate housing loan. These loans will be available at a fixed interest rate at the above-mentioned rates for an initial 2 years. Thereafter, the interest rate will be fixed at intervals.

According to the ICICI bank’s website, the “special interest rate for home loans” mentioned above will be valid for loans sanctioned between May 15 and June 30, 2014.

In 2013 -14, ICICI Bank’s home loans portfolio grew 23% to Rs. 70,620 crore. Home loans accounted for 53.5% of the bank’s retail loan portfolio of Rs.1.32 lakh crore as at March-end 2014.

Share: