ICICI Bank cuts home loan rate by 0.25%

ICICI Bank cuts home loan rate by 0.25%
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ICICI Bank cuts home loan rate by 0.25%.The cut in the home loan rate is in line with the base rate reduction of 0.25 per cent announced last week as there is no tinkering with spreads on loans.

New Delhi (PTI): ICICI Bank on Tuesday slashed home loan rate for both existing as well as new borrowers by 0.25 per cent joining a rate war initiated by its bigger rivals HDFC Bank and SBI.Accordingly, the home loan interest rate for the women borrowers and financially weaker sections will now be at 9.85 per cent, while other borrowers get it at 9.90 per cent.

The cut in the home loan rate is in line with the base rate reduction of 0.25 per cent announced last week as there is no tinkering with spreads on loans. The country's largest lender SBI is also offering similar home loan rates effective on Monday. ICICI Bank said reduction of home loan rates effective on Tuesday is valid for all existing and new customers.

"With this announcement, women as well as applicants from weaker sections will get home loans at 9.85 per cent. The rate will be 9.90 per cent for all others," the bank said in a statement. Further, the interest rate for fixed rate home loans has also been reduced.

"The borrowers taking fixed rate home loans with tenure of 10 years for loan amount up to Rs 30 lakh will have to pay 9.90 per cent, the same effective interest rate applicable for floating rate home loans," said the bank.Effective April 10, the new base rate or the minimum lending rate is 9.75 per cent.

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