BUSINESS

ICICI Bank cuts home loan rates

MUMBAI NOV. 9. After State Bank of India, ICICI Bank has announced a 0.25 per cent cut in interest rate on its home loan products with effect from today for both its adjustable and fixed rate options.

The bank also effected a reduction in the ICICI home prime lending rate from 11 per cent to 10.75 per cent.

The floating rate for up to five years would now be 9.25 per cent as against 9.5 per cent earlier, while the fixed rate would be 10 per cent (10.25 per cent).

For loans with 6-10 year period the floating rate would now be 9.75 per cent (10 per cent) and fixed rate 10.5 per cent (10.75 per cent) respectively.

For 11-15 years and 16-20 year tenure, the floating and fixed rates would be 10.25 per cent (10.50 per cent) and 11 per cent (11.25 per cent) respectively, the release said. — PTI

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