Citi India follows suit of other private banks, slashes lending rate by 0.70%

Joining the lending rate cut spree, foreign lender Citi India on Friday reduced its home loan rate by 0.7%. It will reduce the interest rate to 8.80% from 9.50%, effective January 9, Citi India said in a statement.

The reduction in the home loan rate is reflection of our commitment to consumers who may be interested in purchasing under-construction or ready-to-move-in property, Rohit Ranjan, Head of Secured Lending, Citi India said

The final pricing will be based on the loan amount, product or facility type offered, and internal Citi loan risk assessment parameters, it added.