Banks have been paving the bridge between the dreams of the common man and initiative of the government roof for all 2022. With the slashed interest rates on home loan and other interest rate subsidies through pradahan mantri Avas yogana for both rural and urban sector, there is a gradual increase in the number of the home loan seekers during the recent times. Supporting the government initiative SBI, the biggest lending institution in India has slashed interest rate on home loans further by 25 basis points making it 8.35% to new women borrowers last week.Competing for the public sector ICICI bank has implemented cuts on interest rates of home loans making the home loans more affordable to common man.
ICICI Banks Is In Line to Rate Cuts on Home Loans after SBI
State bank of India occupies 26 percent of market share and turn to be the biggest player in the home loan market. The second space is occupied by the Private lending institution with affordable interest rate of 8.65% interest rate to the women borrowers up 75 lakhs and 8.7% to others.
slashed interest rates of ICICI
Owning a home is a dream for everybody and one of the largest private lending institution ICICI bank have moved ahead making the dreams of owning a home more affordable to the common Man in India. With the slashed rate of interest and many other features on ICICI plans to capture a major share in the home loan lending market and win the tough competition given the biggest home loan lenders of the industry SBI and HDFC.
Features of ICICI home loans
- By slashing the interest rate on the home loans further by 0.3% for the loans up to 30 lakhs, ICCI plans to make the dream home more affordable to weaker section and middle-class section of the society.
- The salaried professional will be able to get the home loan at the lowest interest rate in the industry which is 8.35% and for others, it is 8.4%.
- The bank has even offered affordability to choose the type of interest like fixed interest rate or floating interest rate for the first two-three years which is followed by floating rate of interest.
- The borrowers can also choose to link their home loan to Marginal Cost of funds based Lending rate to 6 months or one year. In fact, this is the first bank to offer such flexibility to borrower