ICICI Bank reduces home loan rates by 25 basis points for all existing and new customers

April 14, 2015




  • Offers loans at 9.85% for women borrowers
  • Applicants from weaker sections to get home loan at 9.85% too
  • Offers loan at 9.90% for all others
  • 10 year fixed rate loans up to ₹ 30 lac at 9.90%

Mumbai: ICICI Bank, India’s largest private sector bank, today announced reduction of home loan interest rates by 25 basis points for all existing and new customers. With this announcement, women as well as applicants from weaker sections will get home loans at 9.85%. The rate will be 9.90% for all others. The reduced rate will be effective from April 14, 2015 for new borrowers.

 

The Bank has also reduced ICICI Bank Base Rate (“I-Base”) by 25 basis points to 9.75% with effect from April 10, 2015. This move will benefit all existing customers of floating home loans, whose home loan rates will be reduced by 25 basis points as per the change in "IBase".

 

The interest rate for fixed rate home loans have also been reduced. The borrowers taking fixed rate home loans with tenure of 10 years for loan amount upto ₹ 30 lac will have to pay 9.90%, the same effective interest rate applicable for floating rate home loans.

 

Details of new home loan rates effective April 14, 2015

 

Type of home loanCategoriesInterest rates
Floating rate Women Upto ₹ 75 lac : 9.85%
Weaker sections Upto ₹ 25 lac : 9.85%
  Salaried Upto ₹ 5 crore : 9.90% Above ₹ 5 crore : 10.15%
Self Employed Upto ₹ 1.5 crore :9.90% Above ₹ 1.5 crore: 10% to 10.15%
Fixed:1 Year, 2 Years, 3 Years Salaried Upto ₹ 5 crore : 9.90% Above ₹ 5 crore : 10.15%
Self Employed Upto ₹ 1.5 crore :9.90% Above ₹ 1.5 crore : 10% to 10.15%
Fixed : 5 Years & 10 Years Salaried Upto ₹ 30 lac : 9.90% Above ₹ 30 lac : 10% to 10.25%
Self Employed Upto ₹ 30 lac : 9.90% Above ₹ 30 lac : 10% to 10.25%

 

The definition of weaker sections for the purpose of home loans is governed by the RBI guidelines under Priority sector loans.

 

To know more, visit www.icicibank.com

 

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank with consolidated total assets of US $ 124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 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 facto₹ 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, cashflow 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.

 


For Media Queries:

 

corporate.communications@icicibank.com

 

 



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