First large private sector Bank ICICI has slashed its home loan interest rates by 25-50 bps for new home loan customers. Earlier SBI and Canara Bank had cuts its interest rates on home loans.
New interest rate structure
- For home loans less than that of Rs 20 lakhs, the interest rates would be at 9.75% as against 10% earlier.
- For loans between Rs 20-30 lakhs, the new rate would be at 10% as against 10.5% earlier.
- For loans of Rs 30 lakhs and above, the interest rates would be at 11.5% as against 12% earlier.
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