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ICICI Bank has launched a fixed-cum-floating interest rate product for home loans whereby borrowers can opt for fixed interest rate loans over the next one or two years.
From the second and third years, home loans will be linked to the bank's base rate plus a margin that is decided at the time of sanction of the loan. The new product will be available from August 19.
Under the one-year fixed rate loan, customers can obtain a loan at 10.50 per cent for an amount less than or equal to Rs 25 lakh; 11 per cent for loans over Rs 25 lakh and less than or equal to Rs 75 lakh; and 11.50 per cent for over Rs 75 lakh.
Under the two-year fixed rate loan, customers can avail themselves of a loan at 10.75 per cent for an amount less than or equal to Rs 25 lakh; 11.25 per cent for over Rs 25 lakh and less than or equal to Rs 75 lakh; and 11.75 per cent for loans over Rs 75 lakh.
In a statement, the bank fixed interest rates will shield customers from frequent changes in interest rates and protect them from any rise in rates over the next one year or two years depending on the product availed of by the customer. These products are in addition to already available floating rate products.
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