MUMBAI: Following a 35-basis-point reduction in its base rate last week, ICICI Bank on Tuesday increased the spread on its home loans. The bank now offers home loans at 9.6% and 9.65% (100 bps = 1 percentage point).
www.sevagiri.com
The bank said it would extend home loans up to Rs 5 crore for women borrowers at 9.6%, a spread of 25 basis points over the bank's base rate of 9.35%. The earlier spread was 15 basis points over the base rate. The increase in the spread means that while the bank's base rate has come down by 35 basis points, its home loan rates for new customers come down by 25 bps. Similarly for other salaried borrowers, the home loan rate is 9.65% or 30 bps over the base rates. ICICI Bank's home loan rates are in line with those offered by HDFC but 10 basis points higher than what is offered by SBI.
While all new borrowers will be getting loans 25 bps cheaper than what was available earlier, older customers will see their cost of funds coming down by 35 basis points in line with the base rate. In other words, a woman who has borrowed last week will see the interest rate drop to 9.35% at the next reset.
Axis Bank has matched ICICI Bank and HDFC, offering 9.60% rate for small home loans and 9.65% for big-ticket loans for the salaried. For the self-employed, the interest rates are 10 basis points higher.
Source - TOI
www.sevagiri.com
The bank said it would extend home loans up to Rs 5 crore for women borrowers at 9.6%, a spread of 25 basis points over the bank's base rate of 9.35%. The earlier spread was 15 basis points over the base rate. The increase in the spread means that while the bank's base rate has come down by 35 basis points, its home loan rates for new customers come down by 25 bps. Similarly for other salaried borrowers, the home loan rate is 9.65% or 30 bps over the base rates. ICICI Bank's home loan rates are in line with those offered by HDFC but 10 basis points higher than what is offered by SBI.
While all new borrowers will be getting loans 25 bps cheaper than what was available earlier, older customers will see their cost of funds coming down by 35 basis points in line with the base rate. In other words, a woman who has borrowed last week will see the interest rate drop to 9.35% at the next reset.
Axis Bank has matched ICICI Bank and HDFC, offering 9.60% rate for small home loans and 9.65% for big-ticket loans for the salaried. For the self-employed, the interest rates are 10 basis points higher.
Source - TOI
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