ICICI Bank, the country’s largest private sector lender, has also increased its spreads on home loan rates and not passed on entire benefit of base rate cuts to new borrowers. State Bank of India (SBI) had done a similar exercise last weekend
In the case of both women and salaried borrowers for floating rates, ICICI Bank has increased its spreads or mark-up over base rate paid by a borrower by 0.10 per cent (basis points). The bank had cut its base rate, or the minimum rate of lending, by 35 basis points (0.35 per cent) to 9.35 per cent last week. Women borrowers opting for loans under Rs 5 crore will have to pay an interest of 9.60 per cent against the earlier 9.85 per cent, and salaried borrowers will have to pay 9.65 per cent against earlier 9.90 per cent, ICICI said.
Axis Bank on Tuesday introduced a new slab for its home loan borrowers with offers starting at 9.60 per cent onward. The new slab is for loans up to Rs 28 lakh, an official spokesperson of the bank said. For salaried borrowers, the home loans will come at 9.60 per cent, which is only 0.10 per cent over its revised base rate of 9.50 per cent, he said.