ICICI Bank slashes home loan rates by up to 30 basis points

New Delhi: ICICI Bank Ltd, India’s largest private sector bank, on Monday slashed interest rates by up to 30 basis points for borrowers availing home loans up to Rs30 lakh.

ICICI’s decision comes close on the heels of the State Bank of India and LIC Housing Finance reducing their home loan interest rates.

The reduced rate will come into effect from 15 May 2017 for new borrowers. They can also choose to link their home loans with I-MCLR-6 months or I-MCLR-1 year.

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% and others at 8.40%. In both these cases, the reduction in interest rates is 30 basis points from the previous rates.

Customers taking home loans in the affordable segment will also have the option to select the type of interest rate. They can enjoy the benefit of floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate.

Further, borrowers can also choose to link their home loans with I-MCLR-6 Months or I-MCLR-1 Year.

The bank is the first to offer such flexibility to customers. The reduced rate will be effective from 15 May 2017 for new borrowers.

ICICI Bank