ICICI Bank has announced a single rate of 10.15 per cent for all floating rate home loans up to Rs 5 crore for salaried individuals.
For self-employed individuals, the floating rate of interest will be 10.15 per cent for loans up to Rs 75 lakh and 10.35 per cent for loans from Rs 75 lakh to Rs 3 crore.
The new rate of interest is effective from August 14 for loans sanctioned up to August 31. The bank has also launched a 10-year fixed rate home loan product at 10.25 per cent.
Effective May 15, the bank had cut home loan rates for new borrowers by 10 basis points to 10.15 per cent from 10.25 per cent for loans below Rs 75 lakh. The scheme was supposed to close on June 30 but has been extended. ICICI Bank’s base rate is 10 per cent. For woman borrowers, the new interest rate is 10.10 per cent for loans up to Rs 75 lakh.
HDFC, the country’s largest mortgage lender, slashed home loan rates to 10.15 per cent for new borrowers irrespective of the loan amount effective August 1.