Home Loan Rates Slashed To 8.25% by ICICI Bank

Submitted by Varun Jain on Wed, 12/09/2009 - 14:37

ICICIThe two major private banks of India, Kotak Mahindra Bank and ICICI Bank, have stepped into the war of interest rates involved in the current home – loan market accompanied by the fixed – cum – floating rate schemes. These two banks have currently joined HDFC Ltd. and SBI, and have increased the confusion of borrowers for home loans with their offer of slashed interest rates.

ICICI has currently announced that it would offer a slashed interest rate of about 8.25 percent irrespective of the actual amount of the loan, and it was for the starting two years. After two years, it would be floating interest rates.

Kotak Mahindra has also announced its new interest rate which is a fixed rate of about 8.49 percent for about 30 months from the exact date of the loan’s payout for the home loans. It was also reported that the bank would start the floating rates at about 7.99 percent per year for the first two years.

HDFC on the other hand had a fixed rate special offer of about 8.25 percent which lasted till about March 31, 2012.


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