ICICI Bank has planed to offers home loans at fixed rate for 2 years

By | August 20, 2011

According to a recent press release, ICICI bank has announced that it would lend home loans at a fixed rate for the first two years.

The interest rates would remain fixed for the first two years and after two years the rate would be converted into floating interest rate. The Base rate and Margin would be decided at the time of sanctioning the loan.

The fixed rates vary according to the amount of the home loan to be borrowed. The fixed rate for loans up to Rs. 2.5 million would be 10.75 per cent, the rate for loan amount ranging between Rs.2.5 million to Rs. 7.5 million would be 11.25 per cent and that for loan amount exceeding Rs. 7.5 million would be 11.75 per cent. The entire ICICI bank floating home loan is benchmarked to Base – I which is 10.0 per cent.

ICICI Bank is the second-largest bank in the country having total assets of Rs. 4,062.34 billion as on March 31, 2011 and profit after tax Rs. 51.51 billion for the year ended March 31, 2011. The Bank has a network of 2,538 branches and 6,810 ATMs across the country.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *