Mumbai: Country's largest private sector lender ICICI Bank today said its new home loan schemes, which seek to attract customers by offering lower interest rate for a limited period, will help the loan seeker to plan repayment in a better manner. "It (new loans) is a product which is very predictable in terms of what the EMI burden on the customer would be," ICICI Bank Managing Director and CEO Chanda Kochhar told reporters on the sidelines of a Ficci-IBA event on banking sector. "The product that we have launched basically gives the customer the option to lock-in into a fixed interest rate for one year or two years. And clearly that interest rate is lower than what interest rate one would have got if one were to select a floating rate product," she said, when asked whether the product was teaser loan and would attract higher provisioning. On August 19, ICICI Bank had launched two new home loan products with interest rates fixed for one and two years and floating from third year onwards. Under the new scheme, a borrower will pay an interest of 10.50 percent for a home loan under 25 lakh for the first year and for the following year the interest rate would be 10.75 percent, an ICICI Bank statement had said. On completion of fixed interest rate period, loans will turn floating in nature and will be linked to the bank's base rate, it said, adding that borrowers will also have to pay a margin above the base rate, which will be decided at the time of loan sanctioning. The loan products launched by the ICICI Bank have some characteristics similar to teaser home loan schemes, which was discontinued by it last year. Teaser rate is referred to a special loan scheme under which a concessional rate is offered for a limited period to attract customers.