In a move to attract more home buyers during festival season ICICI Bank on Friday announced a major cut in interest rate for home loans below 20 lakh from 133 percent to 11.5 percent.
Public sector banks including State Bank of India had reduced their deposit rates and loan rates last month. Reserve Bank of India had reduced its CRR. Repo rates many times in last two months.
Further rate cuts expected when RBI unveils industry booster package today.