ICICI Bank unveils fixed-cum-variable interest home loans
18 Aug 2011
ICICI Bank, India's largest private sector bank, today unveiled a fixed-cum-variable interest rate product for home loans.
Customers can avail a home loan at a fixed interest rate valid for a period of one or two years, after which the loan would move to floating interest rate.
Under the one-year fixed rate home loan, the customers may avail a loan at 10.50 per cent for a loan amount less than or equal to Rs25 lakh, 11.00 per cent for a loan amount over Rs25 lakh and less than or equal to Rs75 lakh and 11.50 per cent for a loan amount over Rs75 lakh.
From the second year, floating rate would be linked to the ICICI Bank Base Rate (I-Base) plus the margin decided at the time of loan sanction.
The two-year fixed rate home loan would allow customers to avail a loan at 10.75 per cent for a loan amount less than or equal to Rs25 lakh, 11.25 per cent for a loan amount above or equal to Rs25 lakh and less than or equal to Rs75 lakh and 11.75 per cent for a loan amount over Rs75 lakh.
From the third year, floating rate would be linked to the ICICI Bank Base Rate (I-Base) plus margin decided at the time of sanction of the loan. The products would be on offer from 19 August 2011.
