Friday, June 17 2005 09:00 Hrs (IST) - World Time -

Mumbai: ICICI Bank and HDFC yesterday (Jun 16, 2005) raised the home loan rates by 0.5 per cent across the maturity slabs.

In the case of ICICI Bank, the hike in fixed rate option would be effective from today (Jun 17, 2005) while for the floating rate option, it would be effective from July 1. The revision in the interest rates would be applicable for new loans, ICICI Bank Executive Director Chanda Kochar told sources last night.

"We have been watching rates for last six months and the hike factors in the hardening of rates in the system," Kochar added.

HDFC sources said that it has revised rates across the board and the prime-lending rate would now be 10.75 per cent.

The hike comes into operation with immediate effect, HDFC sources added.