After SBI’s massive cut on home loan rates, ICICI and HDFC have followed suit. These rate cuts
are being done so that the lenders can take advantage of Central Government’s push towards
affordable housing. Indian Prime Minister Mr. Narendra Modi has envisioned housing for all by
the year 2022 when our Nation completes 75 years of Independence. The new rates from HDFC
and ICICI have been made effective from Monday, May 15. ICICI Bank has reduced home loan
rates by 30 basis points for loans up to INR 30 lacs or loans which are classified in the affordable
Thus, salaried borrowers will be able to take home loans up to INR 30 lacs at 8.40 percent.
Women borrowers will pay 8.35 percent interest. HDFC has reduced the rate by 15 basis points
for women borrowers and 10 basis points for others. This makes its rate at par with ICICI’s with
8.35 percent for women borrowers and 8.40 percent for other borrowers. SBI has slashed home
loan rates by 25 basis points to 8.35 percent from 8.60 percent up to INR 30 lacs.