Mumbai: Country's largest private sector lender ICICI Bank on Thursday announced a cut in their home loan and automobile loan rates. While home loan rates have been cut by one percentage point, the rates on auto loan have been slashed by 0.75 percentage point. But the bad news is that the new rates will be applicable only for two months.
In this festival scheme, the bank is offering a home loan of Rs 70 lakh at 10.5 per cent instead of the earlier rate of 11.5 per cent. Even those who want a loan between Rs 30 lakh to Rs 70 lakh, the rate of interest is the same i.e. 10.5 per cent instead of the earlier 11 per cent.
Meanwhile, Syndicate Bank also on Wednesday came up with a special festive offer on home loans at 10.50 per cent up to Rs 25 lakh at an EMI of Rs 944 per lakh for 25 years and at 10.75 per cent for above Rs 25 lakh up to Rs 75 lakh. For loans over Rs 75 lakh, interest charged is 10.90 per cent, it said in a statement. Similarly on four-wheeler loans, interest is at 10.75 per cent (EMI of Rs 1,699 per lakh) for 84 months with bank finance up to 95 per cent of cost of vehicle on road.
While home loan rates have been cut by one percentage point, the rates on auto loan have been slashed by 0.75 percentage point.
(With additional inputs from PTI)