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 ICICI Bank has announced a cut in the interest rates on floating home loans for new borrowers by 25-50 basis points, with immediate effect.
A spokesperson from the bank informed that the private sector bank has not cut the rate for its existing home loan borrowers and is yet to take a decision on reducing its floating reference rate. The interest rates on existing home loans would decrease only if the floating reference rate is cut.
After this rate cut by the bank, the floating rate on loans up to Rs 20 lakh is 9.75 per cent, against 10 per cent; on loans of Rs 20-30 lakh it is 10 per cent (10.5 per cent) and on loans of over Rs 30 lakh it is 11.5 per cent (12 per cent).
The spokesperson added that ICICI bank has also cut the rate on fixed home loans to 15 per cent from 16 per cent, but there are hardly any takers for fixed loans.
The move by ICICI Bank follows a 50 basis points reduction in repo and reverse repo by the Reserve Bank of India recently.
Public sector banks such as Bank of Baroda, Union Bank of India and United Bank of India cut their prime lending rates and deposit rates on March 5. Canara Bank also cut its home loans and car loans rates.
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Posted On : 07 Mar 09
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