ICICI Bank reduces floating interest rates

Mumbai, July 6 (UNI) Leading private sector lender ICICI Bank today reduced floating interest rates on new home loans of upto Rs 20 lakh by half a per cent.

The new rate will be 11.5 per cent, an ICICI Bank said in a statement here tonight.

The reduction has been done by the bank as loans below Rs 20 lakh come under the priority sector.

The bank had effected the change in the rate about a month and half back, the statement added.

The new rate is now comparable to that of other public sector lenders. However, the floating and fixed rates on home loans above Rs 20 lakh continue to remain at 12 and 14 per cent respectively, the bank said.

UNI