ICICI Bank slashes home loan rate by 15 bps to 9.15%
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MUMBAI: The country’s largest private sector lender ICICI Bank has ignited a home loan rate war by slashing interest rates by 15 bps. Woman borrowers will now be able to avail loans at 9.15% while other borrowers will have to pay interest rate of 9.20%. The revised rates are applicable for home loans up to Rs 75 lakh. On October 28, ICICI Bank has cut its MCLR by 10 bps bringing its one year MCLR down to 8.95%.
SBI offers the cheapest home loan rates in the market with woman borrowers availing loans at 9.10% and other borrowers at 9.15%. On 2nd November SBI had announced a reduction in its home loan rate by 15 bps which has now forced other lenders to follow suit. SBI’s home loan book roughly stands at Rs 2 lakh crore.
ICICI Bank has also launched a home loan overdraft facility for salaried customers under which customers can avail loans from Rs 5 lakh up to Rs 1 crore for personal needs against property. Customers can use the funds for an array of personal requirements including education, medical treatment, home renovation, marriage and overseas travel.
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