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ICICI Bank, LIC Housing cut home loan rates

By IANS,

Mumbai : Two more lending institutions – ICICI Bank and LIC Housing – Wednesday cut their interest rates on home loans by up to 75 basis points (bps).

While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.

The bank’s floating reference rate for home loans has now come down to 13.75 percent from 14.25 percent.

ICICI has also announced a reduction on auto loans by the same quantum effective Wednesday.

For new customers, LIC Housing has already reduced interest rates from Dec 17. For loans up to Rs.2 million (Rs.20 lakh) and above five years, the lending rate stands at 9.25 percent.