The Hindu Business Line : ICICI Bank cuts home loan rates

Private-sector bank ICICI Bank has cut interest rates on its floating home loans by 50 basis points to 11 per cent and rates on personal-and-auto loans between 25 and 50 basis points, said Mr V Vaidyanathan, Executive Director, ICICI Bank.

These revised rates are effective until October 31, under the bank’s festival offer and would be applicable only to new customers. Earlier the bank had reduced rates on home loans in the priority sector, which includes loans up to Rs 20 lakh, to 11 per cent. But the new home loans rates are applicable across all segments and across all tenors, said a senior official from the bank.

The auto loans would be applicable only on certain models.

ICICI Bank is the latest among banks to announce a cut in home loan rates. It is one of the largest lenders in the home loan segment with over 50 per cent of its retail portfolio comprising home loans.

More Stories on : Housing Finance | Interest Rates | Private Banks | ICICI Bank Ltd

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