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ICICI cuts rates for ONLY new loans, less than 20 lakhs

How nice of them! ICICI Bank has made loans of less than 20 lakhs cheaper; a new rate of 11.5% applies, as against 13% earlier.

Private sector lender, ICICI Bank, has reduced its interest rate for home loans of Rs 20-lakh and below to 11.5 per cent.

“We have revised our interest rate by 1.5 per cent from 13 per cent to 11.5 per cent,” an ICICI Bank spokesperson said.

This cut will, however, be applicable for only new home loans, the spokesperson said.

So if you had a “floating rate loan” which has a less than 20 lakh balance, you get no izzat. Despite the fact that your loan also qualifies, along with any new such loans, as “priority sector lending”, which is why the bank reduced the rate in the first place. Point is, you can’t complain – either put up or shut up.

Floating rate, my foot. It only floats upwards.

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