ICICI Bank Proclaimed Single Rate for Home Loans up to Rs 5 Crore

ICICI Bank, the India’s largest private lender, has proclaimed a single rate of 10.15 percent for all home loans up to Rs 5 crore for salaried folks.For self employed people, the floating rate of interest will be 10.15 percent for loans up to Rs 75 Lakh and from Rs 75 Lakh to Rs 3 crore it will be around 10.35 percent.

Previously, the bank was charging 10.15 percent on home loan up to Rs 75 Lakh and above Rs 10.50 Lakh for both salaried and self employed people.The new rate of investment is effective for loans sanctioned from August 14 to August 31. The ICICI Bank also introduced a 10 year fixed rate home loan product at 10.25 percent.

On May 15, the bank reduced the home loan rates for new borrowers by 10 basis points to 10.15 percent from 10.25 percent for loans below Rs 75 Lakh. The scheme was supposed to close on June 30 but it has been extended. The base rate of ICICI bank is 10 percent.

The new interest rate for woman is 10.10 percent for loans up to Rs 75 Lakh. Earlier, Standard Chartered Bank reduced its base rate from 10.25 percent to 9.75 percent.HDFC Bank, the India’s biggest mortgage lender, cut down home loan rates for new borrowers to 10.15 percent irrespective of the loan amount effective August 1.