ICICI Bank on Wednesday slashed its floating home loan rate and benchmark lending rate by 50 basis points each.
Floating reference rate for home loan has been cut by 0.5 per cent with effect from December 31, ICICI Bank said.
The rate, which has been reduced from 14.25 per cent, will benefit all existing home loan and auto loan customers, the bank said.
Besides, the bank reduced it benchmark lending rate by half a percentage points to 16.75 per cent.
With the reduction, the benchmark advance rate (I-BAR) will be 16.75 per cent against 17.25 per cent at present.