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After SBI & LIC Housing Fin, ICICI Bank cuts home loan rates by 30 bps

By: Arsh, Place: ,  Update:15 May 2017

Now, SBI, ICICI Bank and LIC Housing Finance offer lowest home loans rates at 8.35% for women and 8.40% for the others

 

Beena Parmar

Moneycontrol News

After State Bank Of India (SBI) and LIC HOUSEING FINANCE,ICICI BANK India’s largest private sector bank, on Monday announced its decision to reduce interest rates by up to 30 basis points (bps) for home loans up to Rs 30 lakh in its bid to boost affordable housing loan segment.

With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35 percent and others at 8.40 percent, ICICI Bank said in a statement.

The reduced rate will be effective from May 15, 2017 for new borrowers.

Further, borrowers of ICICI Bank can also choose to link their home loans with I-MCLR-6 Months or I-MCLR-1 Year, claiming to be the first bank to offer such flexibility to customers.

ICICI Bank said, the customers opting for home loans in the affordable segment will also have the option to select the type of interest rate -- floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate.

State-owned bank SBI, which is also country’s largest bank and has the largest home loan market share, is offering home loans up to Rs 30 lakh to salaried borrowers at 8.35 percent. For loans above Rs 30 lakh, the bank will charge 8.50 percent. It will continue to charge 8.60 percent on loans above Rs 75 lakh.

Housing finance major LIC Housing Finance also launched its new home loan product ‘Griha Siddhi’ to offer similar rates of 8.35 percent to women and 8.40 percent to the rest for loans up to Rs 25 lakh.

Chanda Kochhar, MD and CEO, ICICI Bank, said, “With this announcement, customers of economically weaker section (EWS) and low income group (LIG) can avail the dual benefits of low interest rates from us and the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana. I believe that this initiative, along with the bank’s expansion of home loan business in tier II cities, will empower a larger section of customers to realise the dream of owning a new home."

Largest housing finance player HDFC had cut its rates for new customers to 8.50 percent in February and has not reduced any further yet.

 
 
 
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