ICICI Bank slashes home loan rates

March 6th, 2009 - 8:19 pm ICT by IANS  

Mumbai, March 6 (IANS) Two days after the country’s central bank lowered key rates, private lender ICICI Bank Friday cut interest rates in new home loans by 25-50 basis points.
For home loans less than Rs.2 million, the lending rate would come down to 9.75 percent from 10 percent, a bank spokesperson said.

Similarly, for loans between Rs.2-3 million, the rate has been reduced to 10 percent from 10.5 percent and for above Rs.3 million, it has been cut to 11.5 percent from 12 percent.

The Reserve Bank of India Wednesday reduced the repo and the reverse repo rates each by 50 basis points after the economic growth rate for the third quarter fell to 5.3 percent - the lowest since 2003.

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