ICICI Bank cuts Home Loans Interest Rates by 25-50 bps
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After the recent rate cuts by the RBI, ICICI Bank has cut the interest rates in new home loans by ICICI Bank 25-50 bps.
With the cuts, new rate for loan upto Rs 20 lakh would be 9.75%. Rate for loans between Rs 20 to 30 lakh is 10% and the rate for loan above Rs 30 lakh is 11.5%.
RBI cut its short-term lending and borrowing rates by 50 basis points each on Wednesday, saying the country’s growth had been hit more than expected by the global financial crisis and downturn.
After the cuts by the RBI, many bankers said that home loan rates may drop to its lowest level in the past five years as borrowing cost for banks will come down.
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4 Comments on this post
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Bujji said:
Hi friends,
I thought Id seek some advice here. Im looking to finance the purchase of a flat in India as an NRI. I’d be grateful for comments regarding which bank I should choose. Right now SBI has an 8% for first year and then 10.25 and IDBI has 10.5 floating.
Service is very important to me as I plan on opening an NRE/NRO account with them as well.
Right now I have an online account with ICICI and their service is very poor! So between SBI, IDBI and IngVysya, any recommendations based on experience?
Thanks in advance!
March 31st, 2009 at 9:53 am -
jayapraksh said:
Do not be hurry in getting Loan, You can come down to india and decide your apartmetn and take loan. Never take a loan from an Private Bank like ICIC,HDFC,AXIS ,HSBC etc. Always go for matioanlised bank like SBI, PNB, canara etc
Though it is time consuming but it’s make sense to be tension free after taking loan. Because if you take loan from a private one you will get immediatly but you have worry life time, there will be no sign of intrest rate cutting down even if new customers are getting half o the intrest rate as comapre to old existing customer.
If you do not mind throwing you hard earned money to Dustbin you can go to a private bank
Regards
JayaApril 22nd, 2009 at 1:44 am -
Suresh said:
All New ICICI Bank Customers, I pledge you not to take loan from ICICI Bank though they approve your loan in 1 or half day, dont get into trap, go to Nationalized banks it is safer for you, ICICI bank gives deals to new customers with low interest rates and increased 2-3% with in two months since u would become existing customer by then, there is nothing in hands as they charge already 2% for loan disbursement and 2% on loan balance if you pay off your loan, be aware of this fraud bank, I am also a Victim who got interest with 8% in 2006 and paid 13% in 2008 now paying 11.5% in 2009, beware dont go for ICICI bank.
September 22nd, 2009 at 9:02 pm
[...] repo rate cut, now banks started cutting the lending rates to the home buyers. As a first step, ICICI has announced it’s plan to reduce the interest rates. SBI has already cut the rates and giving loans for [...]