Private sector lender, ICICI Bank, has reduced its interest rate for home loans of Rs 20-lakh and below to 11.5 per cent.

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"We have revised our interest rate by 1.5 per cent from 13 per cent to 11.5 per cent," an ICICI Bank spokesperson said.

This cut will, however, be applicable for only new home loans, the spokesperson said.

"Priority sector lending has always been one of our key focus areas and we have a differential offering for these customers. This is our pricing to promote the priority segment and offer affordable housing," he added.

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