Home Loan Interest Rate Hiked By ICICI Bank

The home loan rate has been raised by at least by one bank - ICICI Bank. Existing floating rate customers of ICICI Bank will now have to pay an interest of 11.75% per annum as against 10.75% earlier. The hike comes into force from February 9. However, the existing fixed rate customers whose loans are fully disbursed will not be affected by the hike and their contracted rates will remain unchanged. HDFC, another lead player in housing loan sector, has said it will not raise the rates immediately, while the public sector banks will hold it for the present at least, as the Finance Minister has asked them to desist from hiking the interest rate on housing loans.