ICICI Band cuts home loan rates by 25-50 points

Private sector lender ICICI Bank has cut its home loan rates by 25-50 basis points for new customers effective immediately, a spokesman said on Friday. The bank lowered the rate to 9.75% from 10% on home loans of less than Rs2 million. The rate on loans for Rs2-3 million has dropped to 10% from 10.5%, and for above Rs3 million it has been cut to 11.5% from 12%.