Bangalore: ICICI Bank, the largest private sector lender by assets, has slashed home loan rates by up to 100 bps, as part of a special festival offer. This private sector bank has followed many others state run banks in this process of cutting down loan rates.

The lending rate for home loans of up to 30 lakh is 10.25 per cent, down from 10.50 per cent.

For loans between 30 lakh to 3 crore, the floating rate of interest would be 10.50 per cent against the earlier rate of 11.50 per cent, the bank said in a statement.

The new rates of interest will be applicable for fixed rate loans for one and two years as well, it added.

For a fixed rate loan that runs into three years, the new offering is at 10.50 per cent for loans below 30 lakh and 10.75 per cent for those above 30 lakh and up to 3 crore, the bank said.

This special festival pricing is valid for sanctions till December 31, 2012, it said.

“Banks are giving a thrust to retail loans since corporate loan book is not growing at a healthy pace,” said D Sarkar, Chairman and Managing Director of Union Bank of India, as quoted by ET.

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