ICICI Bank Cut the Interest Rate on Home Loans

Reserve Bank (RBI) will not cut interest rates this year as inflation is in line with its target. Japanese financial firm Nomura said this in a report. On the contrary, the policy interest rate (repo rate) of the central bank may increase next year. According to the report, when growth rates and inflation will start rising next year, then RBI can increase the repo rate (the rate at which banks take short-term loans from the central bank) in 2018, by half the percentage increase. This increase in rates may start from April next year. Retail inflation declined to 2.99 percent in April this year. The wholesale inflation figures have been released according to the new series of 2011-12. The wholesale inflation has reached the lowest level of 3.85 per cent for four months.

ICICI Bank announced on Wednesday to reduce the interest rate on home loans to 0.3 percent. ICICI has made this deduction in interest rate at home loan up to Rs 30 lakhs. After this, the country’s largest housing finance company HDFC also announced the reduction of its new home loan rate by 0.15 percent. Declined rates have come into effect from Monday. After cutting interest rate from the country’s two largest banks and HDFC, other banks will also be forced to do the same. There is news of relief for borrowers.

The statement issued by ICICI has said that this step has been taken to promote Affordbal. With this deduction, salaried persons will be able to get home loans at the cheapest rates. For salaried women, up to the limit of 30 lakh, home loans will be available at 8.35 percent. In case of men with salary, this interest rate will be 8.40 percent annually. Now the interest rate on ICICI and HDFC’s new home loan is equal to the State Bank of India (SBI). Last week, SBI had reduced the rate of affordable housing loans by 0.25 percent. In this case, the bank’s interest rate came down to 8.35 percent. State Bank of India is the largest player in the home loan market with a 26 percent stake. The second number is HDFC. The housing finance company has reduced the interest rate on loans upto Rs 3 lakh to 8.35 percent for women in the salary. Earlier this rate was 8.5 percent. In case of men, this interest rate will be 8.40%.

ICICI Bank is committed to support the government’s goal of making housing available to all by 2022. Due to this commitment, the bank has reduced the interest rate for the Affordable Housing Segment. With this announcement, people of weak and low income groups can take double advantage. They can get us a loan at a lower interest rate and interest subsidy related to the Prime Minister’s housing scheme from the government. – Chanda Kochhar, MD, ICICI Bank

 

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