Greatachiever
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ICICI Bank, HDFC and Vijaya Bank have joined the ranks of lenders cutting rates for the festival season, bringing down rates by up to 100 basis points on their home loans.
Under the festival scheme, ICICI Bank will offer home loans of Rs 30 lakh at 10.25% and charge 10.5% for loans above Rs 30 lakh to Rs 3 crore. "The same rate of interest is applicable for home loans with one and two years fixed rate tenures. For a fixed rate loan of three years tenure, the offering is at 10.50% for loans below Rs 30 lakh and 10.75% for the loans above Rs 30 lakh and up to Rs 3 crore," an ICICI Bank spokesperson said.
HDFC, the largest housing finance company, also matched ICICI's move by reducing rates for loans up to Rs 30 lakh to 10.25% and for loans between Rs 30 lakh and Rs 75 lakh to 10.5%. Bangalore-based Vijaya Bank now charges interest in the range of 10.5% to 10.75% on home loans ranging from 5 to 20 years.
On loans between Rs 30 lakh and Rs 75 lakh, the interest range is from 10.75% to 11% for 5 to 20 years. On loans above Rs 75 lakh, the interest ranges between 11-11.5%. The bank has also cut interest on auto loans to 11% from 11.3% earlier and now offers loans up to 7 years.
All the lenders' are offering the new rates for the festive period and can be availed by new borrowers only as benchmark rates have not been revised. The country's largest lender, State Bank of India, continues to be the most competitive among all lenders.
Under the festival scheme, ICICI Bank will offer home loans of Rs 30 lakh at 10.25% and charge 10.5% for loans above Rs 30 lakh to Rs 3 crore. "The same rate of interest is applicable for home loans with one and two years fixed rate tenures. For a fixed rate loan of three years tenure, the offering is at 10.50% for loans below Rs 30 lakh and 10.75% for the loans above Rs 30 lakh and up to Rs 3 crore," an ICICI Bank spokesperson said.
HDFC, the largest housing finance company, also matched ICICI's move by reducing rates for loans up to Rs 30 lakh to 10.25% and for loans between Rs 30 lakh and Rs 75 lakh to 10.5%. Bangalore-based Vijaya Bank now charges interest in the range of 10.5% to 10.75% on home loans ranging from 5 to 20 years.
On loans between Rs 30 lakh and Rs 75 lakh, the interest range is from 10.75% to 11% for 5 to 20 years. On loans above Rs 75 lakh, the interest ranges between 11-11.5%. The bank has also cut interest on auto loans to 11% from 11.3% earlier and now offers loans up to 7 years.
All the lenders' are offering the new rates for the festive period and can be availed by new borrowers only as benchmark rates have not been revised. The country's largest lender, State Bank of India, continues to be the most competitive among all lenders.
