The largest private sector lender of the country, ICICI Bank has introduced a new home loan scheme to attract customers in the era of rising loan rates. The scheme which is a fixed cum floating rate one would allow the borrowers to avail fixed loan scheme for the coming one or two years.
Following the fixed rate tenor, the interest rate would be based on base rate of the bank plus a margin amount. The margin amount will be decided when the loan is approved.
The new product will be hitting the bank's shelf from today, August 19, 2011.
For those schemes where fixed rate is for 1 year, the interest is 10.50% for loan less than Rs 25 lakhs, 11% for more than Rs 25 lakh to less than equal to Rs 75 lakh and 11.50% for more than Rs 75 lakh.
For the two year fixed rate period schemes, interest would be 10.75% for less than Rs 25 lakh, 11.25% for more than Rs 25lakh to less than equal to Rs 75 lakh and 11.75% for more than Rs 75 lakh.