ICICI hikes home loan interest rates by 50 basis points

New Delhi, May 5 (UNI) ICICI Bank today announced an increase of 50 basis points in its floating and fixed interest rates for home loans with effect from May 8.

New customers (both floating and fixed) will be charged the increased interest rates effective May 8. This move will increase the interest rates on floating rate home loan from 8.5 to 9 per cent.

The interest rate on fixed rate home loans will go up from 9.75 per cent to 10.25 per cent.

For existing floating rate customers, the increase by 0.50 per cent in its Floating Reference Rate (FRR) will be effective from July 1, 2006, in line with the bank's policy of raising rates on a quarterly basis.

The existing fixed rate home loan customers will not be impacted by this increase and their contracted rates will remain unchanged.

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