BackNBFCs, banks cut interest rates to match SBI, HDFC
Lenders fight to retain their market share in a competitive segment that is showing strong and steady growth
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Mumbai: ICICI Bank Ltd on Tuesday followed rivals Housing Development Finance Corp. Ltd (HDFC) and State Bank of India (SBI) by reducing home loan rates by 25 basis points for all customers. One basis point is 0.01 percentage point.
Under the new rates which take immediate effect, the bank will offer 9.9% interest per annum for floating rate loans for new as well as existing customers.
Fixed rate loans up to ₹ 30 lakh will also be priced at 9.9% per annum, the bank said.
Women as well as weaker sections which include low income groups and scheduled castes and scheduled tribes can borrow at 9.85% per annum.
ICICI’s announcement follows the bank’s decision to reduce its minimum lending rate or base rate by 25 basis point to 9.75% effective 10 April.
ICICI’s competitors HDFC and SBI are also offering floating rate home loans at 9.9% per annum.
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