ICICI reduces new home loan rates by 0.25-0.50 pc

New Delhi: India's largest private sector lender, ICICI Bank, has reduced its interest rates on new home loans by 0.25-0.50 per cent with immediate effect.

For priority sector home loans below Rs 20-lakh, the new interest rate will 9.75 per cent as against the earlier 10 per cent, an ICICI Bank spokesperson said.

For loans in the range of Rs 20-30-lakh, the interest rate has been reduced to 10 per cent as against the earlier 10.5 per cent.

For loans of above Rs 30-lakh, the interest rate has been reduced to 11.5 per cent as against the earlier 12 per cent.

The reduced rates are applicable only to new home loans, the spokesperson said.

However, ICICI Bank's rate still remains lower than PSU bank rates.