Banks finally cut interest rate for Home loans

One of the largest private sector banks in India, ICICI Bank, has cut home loan rates by 0.25% for its new as well as existing borrowers. State Bank of India (SBI) and HDFC Ltd have already brought down their home loan rates by upto 0.25% for their new borrowers. SBI is now offering home loan to women at 9.85% per year and at 9.90% for others. The banks are bringing down their home loan interest rates after cutting their lending base rates following a rap on the knuckles by the Reserve Bank of India for not following the two repo rate cuts.

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