ICICI Bank cuts home loan rate by 1.5%

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Updated: 06/12/2008 | 02:27 PM IST

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NDTV correspondent and wires

Saturday, December 06, 2008 (New Delhi)

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The country's largest private sector lender ICICI Bank, on Saturday reduced its home loan rate by 1.5 percentage points to 11.5 per cent.

The rates would be applicable on home loans of less than Rs 20 lakh. Earlier on Saturday, the RBI announced further measures, including a one percentage point cut in the short term rates at which it lends and borrows from banks, in a clear signal to ease interest rates.

Besides, the apex bank also pumped in Rs 11,000 crore in Small Industries Development Bank of India and National Housing Bank to give a fillip to realty and small and medium sectors.

The short-term lending rate (repo) will fall to 6.5 per cent and borrowing (reverse repo) rate to 5 per cent with effect from December 8.