ICICI Bank, Kotak take the SBI route, lower home loan rates | india | Hindustan Times
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ICICI Bank, Kotak take the SBI route, lower home loan rates

The rate war in the home loans segment further flared up on Tuesday with two leading private sector banks--ICICI Bank and Kotak Mahindra Bank--announcing lower rates for their loans.

india Updated: Dec 08, 2009 21:28 IST

The rate war in the home loans segment further flared up on Tuesday with two leading private sector banks--ICICI Bank and Kotak Mahindra Bank--announcing lower rates for their loans.

Both banks have followed home loan lender HDFC in announcing special home loan schemes for new loans irrespective of the loan amount. HDFC had announced its scheme early this week.

Country's second largest lender, ICICI Bank on Tuesday said it would offer new home loans at a fixed rate of 8.25 per cent for the first two-years, irrespective of the loan amount.

The scheme will be open for customers whose loans will be sanctioned from December 1, 2009, to January 31, 2010, on the condition that first disbursement of the loan should be availed before March 31, 2010, ICICI Bank said.

From the third-year onwards, the bank would charge a floating interest rate depending upon the then prevailing floating reference rate, it said.

Similarly, Kotak Mahindra Bank also announced its special home-loan scheme, offering an 8.49 per cent fixed interest for 30-months.

The special offer can be availed for all new loans irrespective of the loan amount, but will be limited till January 31, 2010, the bank said.