ICICI Bank, India’s largest private sector bank, rolls out new home loan plans at less interest rate for new customers effective from August 20.

As per the new plans, interest rate for loans up to Rs 20 lakh is 8.75%, and an interest rate of 9.25% will be charged on loans between Rs 20 lakh to Rs 50 lakh.

The loans above Rs 50 lakh will carry an interest rate of 9.75%.

Except for the special offer, the bank’s interest rates were in the range of 9.25% to 11%.

Earlier, the other major home loan providers like SBI and HDFC Ltd have already slashed their interest rates.

ICICI bank’s decision to slash home loan rates seems an attempt to match the home loan rates of HDFC.