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ICICI Bank, Axis cut home loan rates by up to 25 bps

Joining the rate-cut war, ICICI Bank, Axis Bank and two mortgage lenders on Tuesday slashed home loan rate by up to 0.25 per cent. DHFL lowered its home loan rate by 0.25 per cent, while
Indiabulls Housing Finance reduced home loan rate by 0.20 per cent to 9.90 per cent.

The move follows rate cuts initiated by leading players State Bank of India and HDFC Ltd in the past few days. Country’s largest private sector lender, ICICI Bank lowered interest rate for women borrowers and financially weaker sections to 9.85 per cent, while for others it was cut to 9.90 per cent. The country’s largest lender SBI is also offering similar home loan rates effective on Monday.

Axis Bank, the third largest private sector lender, reduced rate on home loan by 0.20 per cent to 9.95 per cent at par with its base rate effective on Tuesday.

“The bank has also introduced a single slab applicable for all salaried customers irrespective of the loan amount. The bank has accordingly aligned the pricing for new borrowers,” Axis Bank said in a statement. ICICI Bank said reduction of home loan rates effective from Tuesday is valid for existing as well as new customers.

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