ICICI Bank, LIC Housing cut home loan rates
December 31st, 2008 - 9:42 pm ICT by IANS
- Mumbai, Dec 31 (IANS) Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps).While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.
The bank’s floating reference rate for home loans has now come down to 13.75 percent from 14.25 percent.
ICICI has also announced a reduction on auto loans by the same quantum effective Wednesday.
For new customers, LIC Housing has already reduced interest rates from Dec 17. For loans up to Rs.2 million (Rs.20 lakh) and above five years, the lending rate stands at 9.25 percent.
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Categories
Tags
- auto loans- - basis points
- - existing home
- - home loan rates
- - home loans
- - interest rates
- - lakh
- - lending institutions
- - loan borrowers
- - rs 2
Posted in Uncategorized, |
December 31st, 2008 at 11:29 pm
Chor ICICI bank has played its trick again. After increasing the Lending Rates by 400 basis point, its has just reduce the lending rates by 50 basis point for the existing borrowers, despite RBI steep cut of CRR by 350 bp and Repo rate by 250 bp. Shame on
KV Kamath and his team.
February 25th, 2009 at 10:24 am
LIC is offering interest rate of 8.75% for the first year for home loan. What is the intrest rate in the 2nd and 3rd year. They have not published. For SBI the 2nd year intrest rate is higher than their first year. Just reducing the 1st year interest rate will give some false idea for the customer. Need the interest rate for 2nd and 3rd year for LIC home loan.