Mumbai, Nov. 3: ICICI Bank today joined its peers such as the SBI by reducing home loan rates for new borrowers by 15 basis points.

The private lender now offers an interest rate of 9.15 per cent for women borrowers on home loans of up to Rs 75 lakh.

The revised rate for other borrowers is 9.20 per cent against 9.35 per cent previously. Borrowers from weaker section will get housing loans at an interest rate of 9.15 per cent. The new rates are effective from November 1.

ICICI Bank had earlier cut its marginal cost of funds-based lending rate by 10 basis points. The reduction in its home loan rates is more than that of its benchmark rate.

The move comes a day after the bank announced an overdraft facility along with home loans. The ICICI Bank home overdraft will offer salary account-holders credit from Rs 5 lakh and going up to Rs 1 crore for personal needs against the properties owned.

Customers can avail themselves of a minimum 10 per cent of the total amount as term loan and a maximum 90 per cent as overdraft.

On Wednesday, the SBI had cut rates by 0.15 per cent for its home loans of up to Rs 75 lakh. SBI home loan is available at 9.15 per cent, while women will get it at 9.10 per cent.

Banking circles are hopeful that other lenders will soon follow suit.