ICICI Bank cuts home loan rate by up to 0.3%

ICICI Bank cuts home loan rate by up to 0.3 per cent for loans up to Rs 30 lakh on Monday to promote affordable housing.

The move has come after country's largest public lender bank,  State bank of India also slashed the interest rates on home loan of up to Rs 30 lakh by 25 basis points.

With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry, ICICI said. Salaried women borrowers will get home loans at 8.35 per cent and others at 8.40 per cent, it said.

Earlier, in a bid to woo homebuyers, the State Bank of India also announced to offer home loans of up to Rs 30 lakh for the salaried women borrowers at an interest rate of 8.35 per cent.

For non-salaried women borrowers, there will be 20 bps cut in the interest rates.

Earlier this month, largest private sector lender ICICI Bank  reported a five-fold jump in its March quarter profit at Rs 2,082.75 crore, but the asset quality woes which had dented its bottomline year-ago, continued to persist.

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