WATCH: ICICI Bank slashes home loans by 30 basis points for ‘affordable housing’

Key Highlights:

-- Bank trims interest rates for home loans up to Rs 30 lakh.

-- ICICI offers choice of home loans linked to I-MCLR-6 Months or I-MCLR-1 Year.

-- ICICI loans available with floating as well as two-three year fixed interest rate.

ICICI Bank on Monday announced that it has reduced interest rates on home loans by up to 30 basis points.

“With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry,” ICICI said.

The bank has announced home loans of up to Rs 30 lakh and separate rates for ‘salaried women borrowers.

“Salaried women borrowers will get home loans at 8.35% and others at 8.40%,” the bank added.

The bank said they would also offer a choice to its customers on the type of interest rates each person can avail.

“They can enjoy the benefit of floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate. Further, borrowers can also choose to link their home loans with I-MCLR-6 Months or I-MCLR-1 Year,” ICICI said.

The reduced rate, the bank said, will be effective from May 15 for new borrowers.

“Customers of Economically Weaker Section (EWS) and Low Income Group (LIG) can avail the dual benefit of low interest rates from us and the Credit Linked Subsidy under the Pradhan Mantri Awas Yojana,” Chanda Kochhar, MD & CEO, ICICI Bank, said.

Details of new home loan rates effective May 15, 2017

State Bank of India and Life Insurance Corporation Housing Finance also announced slashing of its own home loan rates by 30bps.