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ICICI Bank cuts home loan rates

Our Bureau

MUMBAI, Nov. 9

ICICI Bank has cut its home loan rates by 0.25 percentage point across the board. The rates will change for both the fixed and floating categories effective from today.

The bank has also reduced the ICICI Home PLR to 10.75 per cent from 11 per cent previously. Therefore the benefit of reduced rates will not only be available to new customers, but also existing customers who earlier availed themselves of floating rates, said a press release.

The bank's endeavour is to pass on the benefits of lower cost of funds to its consumers and offer the most favourable rates, in the hope that the reduced rates will attract more customers, said a press release quoting Mr V. Vaidyanathan, Managing Director, ICICI Home Finance.

For loans up to five years the fixed rate is now 10 per cent (10.25 per cent) and the floating rate is 9.25 per cent (9.50 per cent). For 11-15 years the fixed rate is 11 per cent (11.25 per cent) and floating rate is 10.25 per cent (10.50 per cent).

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