Citi India joins the rate cut race, slashes home loan rate to 8.8% from 9.5%

NEW DELHI: Citi India has become the latest lender to lower interest rates on home loans. On Friday, the global lender reduced its home loan rate to 8.80 per cent from 9.50 per cent with effect from January 9, 2017.

“The reduction in home loan rate reflects our commitment to consumers, who may be interested in purchasing under-construction or ready-to-move-in properties," Rohit Ranjan, Head of Secured Lending, Citi India, said in a press release.

State Bank of India (SBI) was the first lender to cut its marginal cost of funds-based lending rate (MCLR) by a whopping 90 basis points on December 31, 2016. After this, a number of private as well public banks and financial institutions have slashed their loan rates to lure customers.