New Year Gift by ICICI Home Bank to the New House Buyers

The home loan is very common type of loan that is availed by the common man for the purchase of home. The home loan is offered for various home related projects like home improvement loan, home purchase loan, home extension loan, home construction lo

hyderabad (I-Newswire) December 27, 2013 - The house buyers have all reasons to rejoice in the coming year 2014 as ICICI bank has reduced the home loan interest rates. This move was taken by the bank to align the home loan interest rates with those offered by the home loan giant HDFC. The reduction in home loan rates has been announced by 15 basis points to 40 basis points for the loan amount up to Rs. 75 lakh. This scheme may not offer due benefit to the existing home loan borrowers but would be extended to the new loan borrowers.

The bank is planning to offer this special rate scheme to the new borrowers up to 31st January' 2014. This scheme will now offer loans up to Rs. 30 lakh at the interest rate of 10.25% which was earlier offered at the interest rate of 10.40%. T

he home loan amounting to 30 lakh to 75 lakh would be offered at 10.25% which was offered earlier at the interest rate of 10.50%. The loans over Rs. 75 lakh would be offered at 10.50%. The bank has also announced that the loan amounts below Rs. 15 lakh would be considered as priority loans and hence the interest rate charged on that segment would be 10.15%.

Other banks like HDFC and SBI have also reduced their rates following the Reserve Bank of India directive to reduce home loan rates. The home loan rates for women borrowers and men borrowers are different in case of SBI.

The interest rate for loan amounting to Rs. 75 lakh would be charged at 10.1% for female borrowers while it would be 10.15% for the male borrowers. The rate reduction is also announced by HDFC and the rates are almost in line with each other.

If you are planning to buy your new home then this is the right time as these special rates offered by the home loan financers are applicable only till end of January' 2014. You may take the advantage of this new year offer for lower EMIs on your dream house.

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December 27, 2013

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