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Saturday, Mar 07, 2009
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Business Daily from THE HINDU group of publications Saturday, Mar 07, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Housing Finance Money & Banking - Interest Rates
Our Bureau Mumbai, March 6 Private sector ICICI Bank has cut the interest rates on floating home loans for new borrowers by 25-50 basis points, with immediate effect. The bank has not reduced the rate for its existing home loan borrowers and is yet to take a decision on reducing its floating reference rate, said a spokesperson from the bank. The interest rates on existing home loans would reduce only if the floating reference rate is cut. Following the reduction, the floating rate on loans up to Rs 20 lakh is 9.75 per cent, against 10 per cent; on loans of Rs 20-30 lakh it is 10 per cent (10.5 per cent) and on loans of over Rs 30 lakh it is 11.5 per cent (12 per cent). The bank also reduced the rate on fixed home loans to 15 per cent from 16 per cent, but there are hardly any takers for fixed loans, the spokesperson said. The move by ICICI Bank follows a 50 basis points reduction in repo and reverse repo by the Reserve Bank of India recently. Public sector banks such as Bank of Baroda, Union Bank of India and United Bank of India cut their prime lending rates and deposit rates on March 5. Canara Bank also cut its home loans and car loans rates. State Bank of India has frozen the rate on its home loans at 8 per cent for a year. HDFC Bank, the other big private sector home loan lender, is yet to announce a cut in rates. Banks take cue from RBI, cut rates Repo, reverse repo rates cut ICICI Bank cuts lending, home loan rates by 50 bps More Stories on : Housing Finance | Interest Rates | ICICI Bank Ltd
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