Mumbai: The country’s second largest private sector bank, ICICI Bank Ltd on Friday cut interest rates on floating home loans for new customers by 25 to 50 basis points. One basis point is one hundredth of one percentage point. According to the bank, “home loan up to Rs20 lakh which qualify as priority sector loans will carry an interest rate of 9.75%, down from 10%”. The bank will charge an interest rate of 10%, instead of 10.5%, on home loans in the range of Rs20-30 lakh, while loans exceeding Rs30 lakh will attract an interest rate of 11.5%, down from 12%.
Housing and Development Finance Corp. Ltd (HDFC), the oldest mortgage lender in the country, is also expected to review its home loan rates by the end of this month.
UBS to start commercial banking in India by July
Mumbai: Swiss bank UBS plans to start commercial banking operations in India by July, its India head said on Friday.
“We will offer high-end retail banking and fixed-income business,” Manisha Girotra, head of UBS India, said on the sidelines of an industry conference.
UBS, which already offers investment banking and other services in India, has committed $50 million (Rs257.5 crore) as initial capital for the banking operations in the country, she said.