ICICI Bank joins HDFC and SBI in slashing home loan rates

Updated: Monday, December 23, 2013, 9:07 [IST]

India's top private sector bank, ICICI Bank has slashed home loan rates by 15-40 basis points, joining State Bank of India and HDFC in cutting rates on home loans.

The bank has slashed rates on home loans upto Rs 75 lakh to 10.25 per cent, reduced from 10.40 earlier and above it at 10.50 per cent as against 10.65 per cent earlier.

This move largely follows a RBI decision not to hike repo rates, in its Monetary Policy meeting last week.

Earlier, SBI and HDFC cut home loan rates by up to 0.4 percent for new borrowers, a day after the Reserve Bank kept its key policy rates on hold. Read more on HDFC and SBI home loan rate cuts here

Women borrowers would get an additional 0.05 percent concession on card rates, SBI, country's biggest lender, said in a statement.

SBI home loans will now be available under two slabs-- under Rs 75 lakh and above Rs 75 lakh.

SBI loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent would be 10.10 percent for home loans of up to Rs 75 lakh.

With regard to loans of above Rs 75 lakh, the new rate would be 10.30 percent. For women borrowers it is 10.25 percent. The new SBI rates would be effective from tomorrow.

Country's largest housing Finance company HDFC cut rates by 0.25 percent. "This is a limited period offer and is valid for all new applications submitted before January 31, and first disbursement taken by February 28, 2014," HDFC said in a statement.

With inputs from PTI