ICICI Bank cuts home loan rate by 0.25 per cent

After HDFC and SBI, ICICI Bank also slashed home loan rate for both existing as well as new borrowers by 0.25 per cent.

Women borrowers and financially weaker sections will now get home loan at 9.85 per cent, while for other borrowers it will be 9.90 per cent.

State Bank of India (SBI) has also offered similar home loan rates effective yesterday.

Reduction of home loan rates effective today is valid for all existing and new customers said ICICI Bank.

“Women as well as applicants from weaker sections will get home loans at 9.85 per cent. The rate will be 9.90 per cent for all others,” the bank said in a statement.

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“The borrowers taking fixed rate home loans with tenure of 10 years for loan amount up to Rs 30 lakh will have to pay 9.90 per cent, the same effective interest rate applicable for floating rate home loans,” said the bank.

Many banks including State Bank of India, HDFC Bank and Axis Bank last week cut lending rates by up to 0.25 per cent after RBI Governor Raghuram Rajan’s tough talk with bankers on the issue.