Second largest lending institution of the country, ICICI bank has reduced the interest rates on home loans. Bank has cut the home loan rates by 0.15% for the women customers and 0.10% for the salaried employees. After the reduction present rate for the women up to Rs 75 lakhs is 10.1% earlier it was 10.15% and for salaried employee it is 10.15%, earlier it was 10.25%.
Till now State bank of India was the only bank offering the lowest home loan rates in the banking industry, with 10.1% rate to women and 10.15% to other customers. After slashing down the rates ICICI bank has also joined the line with SBI. HDFC housing Finance company offers home loan at a rate of 10.25%.
Further it has been reported that these exclusive rates are available for a limited period. Customers can access this from May 15 to June 30th 2014. Since this exclusive offer is for limited period, therefore there will no change in the rates for the existing customers. ICICI Bank sources said that the cut in rates was part of a strategy to grow retail assets, which rose 23% last year at a time when corporate loan book grew by only 8%.