ICICI Bank has cut its home loan rates by as much as 15 basis points with effect from November 1 in respect of loans up to Rs 75 lakh. For women borrowers (loan up to Rs 75 lakh), the revised rate is 9.15 per cent against 9.30 per cent per annum earlier.
In respect of all borrowers (floating interest rate) (loan up to Rs 75 lakh), the revised interest rate is 9.2 per cent against 9.35 per cent earlier. For borrowers from weaker section (loans up to Rs 25 lakh), the home loan rate stands reduced to 9.15 per cent from 9.30 per cent earlier.
It may be recalled that ICICI Bank had on October 28 reduced its marginal cost of funds based lending rate (MCLR ) by 10 basis points. Loans up to Rs 75 lakh account for more than 50 per cent of home loan portfolio of this private sector lender.
However, for home loans between Rs 75 lakh and Rs 5 crore, there is no cut in interest rate and remains at 9.3 per cent.