ICICI Bank cuts home loan rates by 50 bps

 With effect from today the bank will charge 7.50 per cent (equated monthly instalment of Rs 2,004 per lakh) for new floating rate home loan up to five years tenor and 7.75 per cent (EMI: Rs 821 per lakh) for loans of 6-20 years maturity.

 The bank earlier used to charge 7.75 per cent for loans of up to five years; 8 per cent for loans of six to ten years; and 8.25 per cent for loans of 11 to 20 years.

 The bank also said that as a special festival offer, its adjustable (floating) rate home loans will be available at a uniform interest rate of 7.50 per cent for all tenors till November 28, 2003.

 Customers availing the bank