ICICI Bank cuts home loan rates

After SBI, country's largest private sector lender ICICI Bank has cut floating home loan rates by 0.5% to 11%.

After State Bank of India, country's largest private sector lender ICICI Bank has cut floating home loan rates by 0.5 per cent to 11 per cent.

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The new rates, implementable with immediate effect, will be applicable on new loans till October 31, an ICICI spokesperson said in Mumbai on Thursday.

The reduction follows the Finance Minister P Chidambaram asking banks to have a re-look at the interest rates to stimulate demand in the economy.

SBI had yesterday reduced interest rates on home and other retail loans by 0.5-1 per cent for different maturities as part of its festival offer.

The proposed rates are applicable for all new loans sanctioned on or after October 8 and is valid up to December 31, SBI had said in a statement.

SBI home loans are now cheaper by 0.50-1 per cent depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available.