MUMBAI: ICICI bank country’s biggest home loan and other loan provider have raised their rates by 25 basis points to hike its benchmark rates. According to the ICICI senior officials said that “the hike was in direction with the increase in its cost of funds.” As the hike in base rate taken place within two weeks of Reserve Bank of India increasing policy by 25 basis points and it will be come into effect from 4th July.
Due to increase in rates by 25bps will push up the monthly installment on a 20year, Rs 30 L housing finance by over Rs. 500. ICICI is the only bank in India to respond to RBI’s policy measures, whereas several other lenders are setting back a increase with the fear that credit growth may falter.
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