India's ICICI Bank cuts home loan rates for festive period

MUMBAI Thu Oct 11, 2012 9:29am EDT

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MUMBAI Oct 11 (Reuters) - India's ICICI bank has cut its floating rate on home loans by up to 100 basis points until December end, the country's second-largest lender said on Thursday.

For loans up to 3 million rupees ($56,500) the bank will charge 10.25 percent interest, ICICI said. It earlier used to charge 10.5 percent for loans up to 3 million rupees.

The interest rate for loans between 3 million rupees and 30 million rupees will be 10.5 percent, down from 11.5 percent, the bank said, adding the new rates are applicable only for the festive period that starts in October and ends in December. ($1 = 53.1350 Indian rupees) (Reporting by Aditi Shah; Editing by Anand Basu)

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