As expected the leading private bank in India, ICICI gave a good news to its customers. From November 02nd onwards the interest rate on home loans will be reduced slightly. The interest rate will 9.15 % rather than 9.30 %. For salaried customers the interest rate was cut down to 9.20 % from 9.35 %
For female customers, home loans will be given up to Rs.75 lakhs at an interest rate of just 9.15 %. Other facilities like term loans and over draft are also being given by the bank. And interest rate for the salaried employees for these facilities will be at 9.20 %.
State Bank Of India also cut down its interest rate on home loans. The interest rate now is at 9.10 % which is the lowest in the previous 6 years. For customers who already took other type of loans the interest rate on home loans will be charged at 9.15 %. Processing fee is also totally waived off.