In yet another booster to the affordable housing segment, ICICI and HDFC Banks have recently reduced home loan rates. In the case of ICICI Bank, it has slashed loan rates upto Rs.30 lakh or loans which are classified in the affordable housing category by 30 basis points. One basis point is 0.01 percentage point, said official sources, claiming that with this reduction, salaried borrowers will get home loans of upto Rs.30 lakh at 8.40% while women borrowers will pay 8.35% interest. Similarly, Housing Development and Finance Corp (HDFC), also reduced its interest rate on loans upto Rs.30 lakh by 15 basis points for women borrowers and 10 basis points for all others. HDFC's loan rate is now on par with ICICI at 8.35% for women borrowers and 8.40% for other borrowers. ICICI's announcement also follows a similar cut by State Bank of India (SBI) recently which had reduced home loan rates upto Rs.30 lakh by 25 basis points to 8.35% from 8.60%. The rate cuts by these lenders are to take advantage of the Central government's push towards affordable housing.
📅Published on:
16 May 2017
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