ICICI bank has cut home loan rates for women and salaried individuals by 15 and 10 basis points, respectively. Home loans up to Rs 75 lakh will be available at 10.1% for women and 10.15% for salaried men as against 10.25% earlier.
The private bank's lending rates are now in line with that of State Bank of India, which were until now the cheapest in the industry. SBI offers home loans up to Rs 75 lakh to women borrowers at 10.1% and other borrowers at 10.15%. The rates are also cheaper than that of HDFC - the largest housing finance company, which offers home loans up to Rs 75 lakh at 10.25%.
ICICI Bank sources said that the cut in rates was part of a strategy to grow retail assets, which rose 23% last year at a time when corporate loan book grew by only 8%. Home loans are seen as the most secure part of retail business and within home loans, advances to the salaried have the lowest defaults.
SBI's rate for women also applies to joint loans where the women is the first co-applicant and the first owner in the case of a joint property. Another private lender Axis Bank also offers loans up to Rs 75 lakh at 10.25%.
Bankers say that 99% of loans are in the below 75 lakh category.
The private bank's lending rates are now in line with that of State Bank of India, which were until now the cheapest in the industry. SBI offers home loans up to Rs 75 lakh to women borrowers at 10.1% and other borrowers at 10.15%. The rates are also cheaper than that of HDFC - the largest housing finance company, which offers home loans up to Rs 75 lakh at 10.25%.
ICICI Bank sources said that the cut in rates was part of a strategy to grow retail assets, which rose 23% last year at a time when corporate loan book grew by only 8%. Home loans are seen as the most secure part of retail business and within home loans, advances to the salaried have the lowest defaults.
SBI's rate for women also applies to joint loans where the women is the first co-applicant and the first owner in the case of a joint property. Another private lender Axis Bank also offers loans up to Rs 75 lakh at 10.25%.
Bankers say that 99% of loans are in the below 75 lakh category.
