ICICI, Axis, DHFL cut home loan rates

 ICICI Bank and Axis Bank on Tuesday reduced their home loan interest rates, joining HDFC and State Bank of India in making such loans lighter for their customers.

ICICI Bank, the largest private sector lender, cut its home loan rate by 25 basis points, to 9.90 per cent from 10.15 per cent, with effect from April 14. Axis Bank also reduced its rate on home loan by 0.20 per cent to 9.95 per cent, at par with its base rate, effective on Tuesday.

ICICI has also reduced the interest rate for fixed rate home loans. Borrowers taking fixed rate home loans with tenure of 10 years for amounts up to Rs 30 lakh would have to pay 9.90 per cent, the same effective interest rate applicable for floating rate home loans, said an ICICI press release.

Similarly, Dewan Housing Finance (DHFL) has also reduced its home loan interest rate from 10.15 to 9.90 per cent, with effect from April 15.

More choice for customers

Meanwhile, Indiabulls Housing Finance (IBHFL) announced reduction in its home loan rate by 20 basis points to 9.90 per cent, with effect from April 14. Customers can avail home loans of up to Rs 50 lakh with EMIs starting at Rs 870 per lakh. Additionally the customers also have the choice of opting for fixed or floating rates on their home loans.

On April 12, State Bank of India (SBI) had cut its home loan interest rate up to 25 basis points. First off the block to cut the home lending rate was HDFC, the country’s largest mortgage firm, which reduced its home loan rate by 0.2 per cent to 9.90 per cent.