Mumbai, July 6
ICICI Bank today announced a reduction in floating rates on housing loans. According to a statement put out by the bank, the interest rates on fresh loans for up to Rs 20 lakh have been slashed by 0.25 per cent.
Earlier, HDFC had reduced interest on variable rate home loans by 0.25 per cent for new customers.
However, both banks say
the offer is a short-time offer for customers buying homes during the lean monsoon
season.
Loans up to Rs 50 lakh would carry a variable interest rate of 11 per cent per annum instead of 11.25
per cent.
Rising property prices and hikes in interest rates have resulted in slackening demand for new housing prompting fears of an impending slump.
