ICICI slashes down home loan rates
Posted on: 15/May/2017 5:09:44 PM
ICICI, the private player in banking sector has cut down its home loan rates by 0.3 percent. This is for loan amounts up to Rs 30 lakh. This move makes it on par with SBI interest rates.
In its official statement, it is said that ICICI has reduced interest rate by up to 30 basis points for loan amount up to Rs 30 lakh, intending to promote affordable housing.
So, with this, salaried loan applicants can get home loans for lower rate of interest, points ICICI. While salaried women borrowers will be levied with 8.35 percent interest, the others will be levied with 8.40 percent.
A 25 basis points slash down by State Bank of India was imposed last week. So, for women borrowers, the interest rate is 8.35 percent. Holding about 26 percent market share, SBI stands atop as the largest player in housing loan.
The second largest player is HDFC with 8.65 percent rate for women for up to Rs 75 lakh loan and 8.7 percent for all others. The other lenders of private and public sector will follow the same too so as to be competitive. ICICI also adds that the loan applicants in the affordable segment can take the freedom of choosing the type of interest rate on their own.
