ICICI Bank hikes rates on all loans in India

APRIL has turned out to be a cruel month for borrowers. A day after the Central bank tightened liquidity, ICICI Bank has raised rates on all loans — including home loans — by one percentage point. The country’s largest mortgage finance company, HDFC has said that it will review its rates on Monday. Given the overall impact on cost of funds, HDFC’s is likely to raise rates. Following Saturday’s hike, ICICI Bank’s home loans are among the most expensive and could result in rebalancing of the bank’s portfolio. The bank now offers floating rate loans at 12% and fixed rate loans at 14%.

courtesy:economictimes