Industrial Credit and Investment Corporation of
India Bank (ICICI) Bank has reduced home
loan rates for loans upto Rs 30 lakh or loans which are classified in the
affordable housing category by 30 basis points. One basis point is 0.01 percentage
point.
With this reduction salaried borrowers will get home loans up to Rs 30 lakh at 8.40% while women borrowers
will pay 8.35% interest.
Housing Development and
Finance Corp (HDFC), also reduced its interest rate on loans up to Rs 30 lakh
by 15 basis points for women borrowers and 10 basis points for all
others.
HDFC's loan rate is now on par with ICICI at 8.35% for
women borrowers and 8.40% for other borrowers.
ICICI's announcement also follows a similar cut by
State Bank of India (SBI) last week. SBI had reduced home loan rates up to Rs
30 lakhs by 25 basis points to 8.35% from 8.60%.
The rate cuts by these lenders are to take advantage of
the central government's push towards affordable housing.
The Modi government envisages housing for all Indians by 2022 which
is the year India completes 75 years of independence.
The new rates for both HDFC and ICICI are effective from Monday (May 15).
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