ICICI Bank, the country’s second-largest private sector lender has now cut interest rates on new home loans with immediate effect.
A bank spokesperson said new home loans of up to Rs 20 lakh would come at an interest rate of 9.75 per cent against 10 per cent now.
For home loans of Rs 20 lakh to Rs 30 lakh the interest rate has been reduced from 10.5 to 10 per cent. New home loans of over Rs 30 lakh will carry a rate of 11.5 per cent, against 12 per cent at present.
Tags: Indian interest rates
March 11th, 2009 at 11:37 pm
well over due, maybe now the normal man can afford a house with lower mortgage rates! Maybe this slowdown is good after all
March 19th, 2009 at 3:35 am
Cutting interest rates on new home loans is a welcome step. It will help many to have their own house. It is the best time to take loan at fixed rate.