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ICICI hikes home loans by 1 pc

Feb 06, 2007 08:25 PM IST Business Business
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New Delhi: Repo rate hike by the RBI is beginning to take effect. ICICI Bank one of the two biggest home loan provider in the country has hiked the home loan rates by a full percentage to 10.5 per cent.

The hike will be effective from February 9. So for a Rs 25 lakh loan over a 20 year period you will now pay Rs 1,656 more as EMI.

The bank also raised the prime lending rate for corporate loans by 1 per cent to 14.75 per cent.

The floating interest rate for consumer loans too have gone up by one per cent to 11.75 per cent.

In December 2006, ICICI Bank raised the lending rates by half a percent across all tenures and on deposits of less than Rs 1 crore.

The bank's floating reference rate (FRR) was increased to 10.75 per cent from 10.25 per cent. For existing floating rate customers, the increase in FRR by 50 bps was put on force from January 1.

In another development, the bank and Bombay Natural History Society (BNHS) have joined hands to launch the 'Go gren project,' in Navi Mumbai.

The joint initiative is aimed at creating awareness about the conservation of trees and reduction in usage of paper.

In the first phase, the bank would plant over 3,000 indigenous plants in and around Mumbai. City and Industrial Development Corporation (CIDCO), Government of Maharashtra's premier New Town Development Authority is also supporting the cause, V Vaidyanthan, Executive Director, ICICI Bank said, while launching the Go Green Project at the Palm Beach Road, Nerul, Navi Mumbai.