ICICI Bank Special Scheme: Reduces Interest Rates by 15bps
Updated on December 5, 20182 mins read
ICICI bank has introduced a limited period scheme for home loan borrowers; wherein interest rates have been slashed by 10 and 15 basis points for salaried individuals and women respectively.
This means that home loans up to Rs 75 lakhs will be available at 10.1% for women and 10.15% for salaried men as against the previous rate of 10.25%. However, for home loans above 75 lakhs and upto 5 crores, it will continue to lend between 10.50% and 11.25%. Since it’s a special scheme, available only form 15th May to 30th June, there will be no reduction in interest rates for existing borrowers. ICICI’s rates are now in line with lending rates of SBI. At present, the State Bank of India offers home loans up to Rs 75 lakh to women borrowers at 10.10% and other borrowers at 10.15%. These rates are also applicable to joint home loans where women are the first co-applicants and joint owners of the property. For home loans above 75 lakhs, SBI charges 10.30%. (With effect from 26th August 2014, SBI has removed its slab division. All home loans are now offered at 10.15% for general borrowers, and 10.10% for women, irrespective of the loan amount.) However, since this is a limited period scheme, the borrowers will benefit from low interest rates only for a limited time period. After a certain time, the interest rates are bound to get revised to higher rates. For long term benefits, borrowers must consider borrowing from a bank like SBI, which is less likely to increase interest rates at a later date, as it is offering the lowest rates in the market at present. If you already have a home loan and are looking to transfer to a lower interest rate, use the calculator below to see cheapest banks to switch to, and how much you can save by switching.
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