To boost loans under affordable housing category, HDFC and ICICI banks have reduced interest rates for homes costing upto ₹30 lakhs. This announcement came after SBI had reduced interest rates last week.
ICICI has reduced the interest rate by 30 base points, i.e. 0.30%. The new interest rate for salaried employees with loans upto ₹30 lakhs will be 8.40% for men and 8.35% for women.
HDFC has decreased interest rate by 15 base point, however, its new interest rates are on par with ICICI’s new rates. Borrowers from HDFC will also pay 8.40% and 8.35% of the interest rates. The new interest rates from ICICI and HDFC Banks are effective from Monday.
Last week, State Bank of India too had decreased interest rates by 25 base points. SBI had an interest rate of 8.60% before the cut which has now been changed to 8.35%. The new interest rate will help a lot of interested home buyers who are looking to buy homes under affordable housing scheme by the Indian government.