ICICI Bank reduced home loan rates from 13% to 11.5%

ICICI bank has reduced its home loan rates from 13 per cent to 11.5 per cent for loans of up to Rs 20 lakh.

As per bank sources the only new customers will be eligible to enjoy new rates. Sources added as no change has been made in the bank’s prime lending rate, the benefit of the 1.5 percentage point cut in the loan rate can not be passed on to the existing customers.

It is a big surprise that ICICI Bank has raised its home loan rate by 1.5 percentage point about a month back, at the time when public sector banks have started reducing their rates.