ICICI Bank launches new home loan rates

The scheme will be open for customers whose loan will be sanctioned from December 1, 2009, to January 31, 2010, irrespective of the loan amount, and first disbursement of the loan should be availed before March 31, 2010, it said here.

From third-year onwards, the lender would charge floating interest rate depending upon the then prevailing floating reference rate.

Though HDFC’s rate is up 0.25 per cent above SBI’s during the first year, the scheme is comparable to SBI’s when taking into account the first three years. But it is still inferior in its 0.5 per cent processing fee against SBI’s nil charges.