ICICI Bank slashes home loan interest rate by 50 points

Following State Bank of India’s reduction on floating home loan interest rates, ICICI Bank, the largest private sector lender in India has with immediate effect lowered interest rates on floating rate home loans by 50 basis points to 11 per cent on all tenors.

But, the senior officials from ICICI Bank made it clear that the reduction in rates will be reviewed at the end of this month, after the Reserve Bank of India (RBI) undertakes second quarterly review of its 2007-08 monetary policy.

The existing interest rate on the loans ranges from 11.25-11.75 per cent for loans below 20 lakh for up to 20 years.

The reduced rates will be available till October 31, 2007 for new home loan consumers.