ICICI Bank follows the trend, cuts home loan rate to 6.70%
The second largest private sector lender said the interest rate offer, which is valid till March 31, is the lowest in 10 years.
The country’s largest public lender State Bank of India (SBI) has revised its home loan rate by 25 basis points (bps)to 6.95 per cent effective April 1.
With the revision, the lowest rate of 6.70 per cent regime for a limited period ended on March 31.
SBI’s hiked interest rate on home loans is likely to prompt other lenders to follow suit soon. It is a sign that home loan interest rates will be hiked further.
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During the limited period, the bank offered home loan starting from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh-Rs 5 crore.
As per information posted on its website, the new rate effective April 1 is 6.95 per cent.
The bank will also levy a consolidated processing fee on home loans. This will be 0.40 per cent of the loan amount and goods and services tax (GST) subject to a minimum of Rs 10,000 and maximum of Rs 30,000 plus GST.
Last month, SBI had waived off home loan processing fees till March 31 to cash in on festive fervour.
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