ICICI Bank — the country’s largest private sector lender — has reduced its home loan rate for the affordable housing segment.
The bank cut rates for its salaried customers by 30 basis points (bps) to 8.4% for loans up to ₹30 lakh. For self-employed borrowers, the new rate will be 8.55%.
Women borrowers in both the categories will get an additional 5 bps discount. The new rates are effective from Monday.
The bank has kept rates for loans of more than ₹30 lakh unchanged.
“ICICI Bank is committed to support the government’s vision to provide housing for all by 2022,” said Chanda Kochhar, managing director and chief executive officer, ICICI Bank in a statement.
“In line with this commitment, we have reduced the home loan interest rates for the affordable housing segment. With this announcement, customers of economically weaker sections (EWS) and low income group (LIG) can avail the dual benefit of low interest rates from us and the credit linked subsidy under the Pradhan Mantri Awas Yojana,” she added.