Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

ICICI Bank, HDFC Cut Home Loan Rates by up to 0.3%; Match SBI

Following SBI, two leading private lenders ICICI Bank and HDFC Ltd on Monday slashed interest rate by up to 0.3 percent for loans of up to Rs 30 lakh to promote affordable housing.

PTI

Updated:May 15, 2017, 8:38 PM IST
facebookTwitter Pocket whatsapp
ICICI Bank, Internet Banking Platform, DigiLocker
Representative Image. (Reuters)

New Delhi: Following SBI, two leading private lenders ICICI Bank and HDFC Ltd on Monday slashed interest rate by up to 0.3 percent for loans of up to Rs 30 lakh to promote affordable housing.

New home loans rates for up to 30 lakh for women will be 8.35 per cent and for other others, 8.40 percent, mortgage lender HDFC Ltd said in a statement.

For home loans between Rs 30 lakh and Rs 75 lakh the interest remains unchanged at 8.50 per cent for all borrowers. For home loans above Rs 75 lakh it is now 8.55 per cent, from 8.75 percent for all, it said.

The new rates are effective from today and are expected to be followed other lenders as well.

Earlier in the day, the country's largest private sector lender, ICICI Bank too reduced interest rates by up to 0.3 percent for home loans up to Rs 30 lakh in its bid to boost affordable housing.

With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry, the country's largest private sector lender said.

Salaried women borrowers will get home loans at 8.35 percent and others at 8.40 percent, it said.

Last week, State Bank of India had reduced its affordable home loan rates by up to 25 basis points, offering a lower rate of 8.35 percent to new women borrowers. With around 26 per cent market share, SBI is also the biggest player in the home loan segment.

This move would be followed up by other lenders both in private and public sector space to stay in the competition. With paring of rate, ICICI Bank said its customers taking home loans in the affordable segment will also have the option to select the type of interest rate.

In both these cases, the reduction in interest rates is 30 basis points from the previous rates. They can enjoy the benefit of floating interest rate or a fixed interest rate for the initial two/three years followed by floating rate.

"Further, borrowers can also choose to link their home loans with Marginal Cost of funds based Lending rate MCLR-6 Months or I-MCLR-1 Year. The bank is the first to offer such flexibility to customers. The reduced rate will be effective from May 15, 2017 for new borrowers," it said.

ICICI Bank MD Chanda Kochhar said the bank is committed to supporting the government's vision to provide housing for all by 2022.

"In line with this commitment, we have reduced the home loan interest rates for the affordable housing segment. With this announcement, customers of Economically Weaker Section (EWS) and Low Income Group (LIG) can avail the dual benefit of low interest rates from us and the Credit Linked Subsidy under the Pradhan Mantri Awas Yojana," she said.

This initiative, along with the bank's expansion of home loan business in tier II cities, will empower a larger section of customers to realise the dream of owning a new home, she added.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Bijaya Das
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
ICICI Bank 524.80 -0.62
Indiabulls Hsg 272.45 -4.44
Reliance 1,554.90 0.26
Company Price Change %Gain
Yes Bank 56.00 -9.82
Indiabulls Hsg 272.40 -4.39
SBI 319.80 -4.89
Reliance 1,554.95 0.30
RBL Bank 338.80 -7.28
Top Gainers
Company Price Change %Gain
Bharti Infratel 259.70 5.55
Kotak Mahindra 1,674.30 1.52
JSW Steel 254.10 1.05
Tata Steel 403.25 0.86
Dr Reddys Labs 2,890.80 0.67
Company Price Change %Gain
Kotak Mahindra 1,674.30 1.48
Tata Steel 402.95 0.83
Reliance 1,554.95 0.30
Asian Paints 1,717.35 0.15
Infosys 715.15 0.07
Top Losers
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 320.00 -4.82
Zee Entertain 287.70 -4.12
GAIL 117.15 -3.34
IndusInd Bank 1,465.85 -2.91
Company Price Change %Gain
Yes Bank 56.00 -9.82
SBI 319.80 -4.89
IndusInd Bank 1,463.75 -3.05
Tata Motors 161.50 -2.77
M&M 510.30 -2.73

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results