ICICI Bank today slashed its lending rates for home loans by 0.25-1 per cent as part of a special festival offer.
The lending rate for home loans of up to Rs 30 lakh is 10.25 per cent,down from 10.50 per cent.
For loans between Rs 30 lakh to Rs 3 crore,the floating rate of interest would be 10.50 per cent against the earlier rate of 11.50 per cent,the bank said in a statement.
The new rates of interest will be applicable for fixed rate loans for one and two years as well,it added. For a fixed rate loan that runs into three years,the new offering is at 10.50 per cent for loans below Rs 30 lakh and 10.75 per cent for those above Rs 30 lakh and up to Rs 3 crore,the bank said.
This special festival pricing is valid for sanctions till December 31,2012,it said.
Earlier,State Bank of India had reduced rates in August and now offers the cheapest home loan after a reduction in its base rate by 0.25 per cent to 9.75 per cent. SBI now offers loans up to Rs 30 lakh at 10 per cent and loans above Rs 30 lakh at 10.15 per cent. To cash in on the festival demand,state-owned Vijaya Bank too has reduced home and car loans by up to 0.8 per cent. The bank has also waived off processing fee for housing and car loans availed between October 1 and January 31,2013.
Interest rate on home loan up to Rs 30 lakh with maturity period up to 10 years is available at 10.50 per cent against 10.75 per cent earlier. The base rate of the bank is 10.45 per cent.