New Delhi: The country's largest private sector lender, ICICI Bank, has cut home loan rates for women and salaried individuals by 0.15 per cent and 0.1 per cent, respectively. Home loans up to Rs 75 lakh will be available at 10.1% for women and 10.15% for salaried men as against 10.25% earlier.
For loans above Rs 75 lakh, the bank will continue to charge between 10. 5 per cent and 11.25 per cent.
With this new rate, ICICI Bank's home loan rate up to Rs 75 lakh is now in line with that of State Bank of India (SBI). SBI, the country's largest lender, however, charges 10.30 per cent for loans above Rs 75 lakh.
The home loan rate now comes at a mark up of 0.15 per cent over ICICI Bank's benchmark “I-Base” of 10 per cent. One basis point is one-hundredth of a percentage point.
The revised rates are only applicable for new customers of ICICI Bank.
ICICI Bank has also introduced one- and two-year's fixed rate home loans. These loans will become floating interest rate loans from the 13th and 25th month onwards.
ICICI Bank expects loan growth will continue to be driven by retail credit which is likely to grow by more than 20 per cent.