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ICICI Bank slashes home loan rates by upto 30 basis points

May 15, 2017

  • Pares interest rates for affordable home loans upto Rs 30 lakh
  • Offers among the lowest interest rates in the industry
  • First bank to offer borrowers choice of home loans linked to I-MCLR-6 Months or I-MCLR-1 Year
  • Loans available with floating as well as 2/3 year fixed interest rate

Mumbai : ICICI Bank, India’s largest private sector bank by consolidated assets, today announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country. With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35% and others at 8.40%.


In both these cases, the reduction in interest rates is 30 basis points from the previous rates. Customers taking home loans in the affordable segment will also have the option to select the type of interest rate. They can enjoy the benefit of floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate.


Further, borrowers can also choose to link their home loans with I-MCLR-6 Months or IMCLR- 1 Year. The Bank is the first to offer such flexibility to customers. The reduced rate will be effective from May 15, 2017 for new borrowers.


Commenting on the initiative, Ms. Chanda Kochhar, MD & CEO, ICICI Bank, said, “ICICI Bank is committed to support the Government's vision to provide housing for all by 2022. In line with this commitment, we have reduced the home loan interest rates for the affordable housing segment. With this announcement, customers of Economically Weaker Section (EWS) and Low Income Group (LIG) can avail the dual benefit of low interest rates from us and the Credit Linked Subsidy under the Pradhan Mantri Awas Yojana. I believe that this initiative, along with the Bank’s expansion of home loan business in tier II cities, will empower a larger section of customers to realise the dream of owning a new home.”


Details of new home loan rates effective May 15, 2017


Category I-MCLR-6M (8.15% May 2017) I-MCLR-1Y (8.20% May 2017)
Salaried Borrower Loan Amount <= Rs 3.0 Mn
Women Borrower I-MCLR-6M + 0.20% = 8.35% I-MCLR-1Y + 0.15%= 8.35%
Others I-MCLR-6M + 0.25% = 8.40% I-MCLR-1Y + 0.20%= 8.40%
Self Employed Borrower Loan Amount <= Rs 3.0 Mn
Women Borrower I-MCLR-6M + 0.35% = 8.50%


I-MCLR-1Y + 0.30%= 8.50%
Others I-MCLR-6M + 0.40% = 8.55%


I-MCLR-1Y + 0.35%= 8.55%



The definition of weaker sections for the purpose of home loans is governed by the guidelines under the Pradhan Mantri Awas Yojana.


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About ICICI Bank Ltd : ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 152.0 billion at March 31, 2017. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management, securities brokerage and primary dealership companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.



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