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India's Largest Bank Hikes I R On House Loans

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MUMBAI (Dow Jones)--
ICICI Bank Ltd. (IBN) Friday became India's latest bank to raise interest rates
on its home-loan products following increased cash provision requirements, but the move is unlikely to hurt demand.
"This will not impact demand as the growth is due to fundamental factors such as increasing affordability and a
chronic housing shortage in the country,
" Chanda Kochhar, deputy managing director, told reporters in a conference call.
ICICI, India's largest private-sector bank by deposits, raised the interest rate on fixed-rate home loan products by 50 basis points to 10.25%. The rate on its floating-rate home loans was raised to 9%.

With the world's second largest population it is small wonder there is a housing shortgage. At least raising the rates will dampen demand due to affordability. :blink:

Edited by Realistbear

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