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ICICI Bank Ltd cuts home loan rates by up to 30 basis points

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Private sector lender ICICI Bank Ltd has dropped its interest rates by up to 30 basis points for borrowers availing home loans up to Rs 30 lakh.

The reduced rate will be available for the new borrowers from 15 May 2017. The borrowers can also opt to link their home loans with I-MCLR-six months or I-MCLR-one year, reported the LiveMint.

These reduced rate facility will enable the salaried borrowers to avail home loans at among the lowest rates in the industry.

As per the bank salaried women borrowers will get home loans at 8.35 per cent and others at 8.40 per cent. In both these cases, the reduction in interest rates is 30 basis points from the previous rates.

In both these cases, the reduction in interest rates is 30 basis points from the previous rates.

According to the bank customers availing home loans in the affordable segment will also a have the option to select the type of interest rate. New borrowers can enjoy the benefit of floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate.

Furthermore, borrowers can also choose to link their home loans with I-MCLR-six Months or I-MCLR-one Year.

The private lender is the first to offer such flexibility to customers.

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