ICICI Bank, one of India's leading home loan providers, on Monday announced a reduction in interest rates on its adjustable (floating) rate home loan products.

With this, adjustable rate home loans with maturity up to five years would be available at the rate of 7.50 per cent and home loans with maturities of 6-20 years at the rate of 7.75 per cent, making them among the most cost effective offerings in the country.

• More on Home Loans

The new rates will be effective from November 11, 2003.

The new floating home loan rates effective from November 11, 2003:

The Bank has also announced a 0.5 per cent reduction in the ICICI Home PLR.

This ensures that the benefit of reduced rates will be available not only to new customers, but also to existing customers who have taken floating rate home loans earlier from ICICI Bank.

"With the ongoing reduction in our cost of funds and the continuing soft interest rates in the system, we are pleased to offer a corresponding benefit to both our existing and new customers. We will continue to serve our customers by offering transaction convenience and competitive product features," said Chanda Kochhar, executive director, ICICI Bank.

The above rates would also be available on balance transfer schemes in force. Customers with existing home loans can benefit substantially by transferring their loans to ICICI Bank and enjoy these new rates.

As a special festival offer, ICICI Bank's adjustable rate home loans will be available at a uniform interest rate of 7.5 per cent for all tenors till November 26, 2003.

Customers availing the Bank's Balance Transfer scheme during this period will also benefit from zero fees for home loans transferred to ICICI Bank from their existing bank/ housing finance company.