ICICI Bank reduces home loan interest rate to 6.70%

By: |
March 05, 2021 12:57 PM

The revised interest rate will be the lowest in 10 years by the bank and will be effective from March 5 itself.

Home Loan, ICICI Bank, ICICI Bank home loan, ICICI Bank home loan interest rate, home loan rate 10 years low, SBI, kotak mahindra bank, HDFC, home loan rates, how to apply for home loan, apply home loan digitally, home loan documentsThese revised rates are only for a limited period - will be available till 31st March 2021.

ICICI Bank has reduced its home loan interest rate to 6.70 per cent. The revised interest rate will be the lowest in 10 years by the bank and will be effective from March 5 itself.

This interest rate for home loans can be availed by customers up to Rs 75 lakh. For loans above Rs 75 lakh, interest rates are pegged at 6.75 per cent onwards. These revised rates will be available till 31st March 2021.

Borrowers can apply for it digitally in a hassle-free and quick manner. Homebuyers, including those who are not ICICI bank customers, will be able to apply for the home loan digitally, through the Bank’s website and mobile banking platform, ‘iMobile Pay’. They can also visit their nearest ICICI Bank branch, and receive an instant sanction of their loan digitally.

Ravi Narayanan, Head- Secured Assets, ICICI Bank says, “We see a resurgence in demand from consumers, who want to buy homes for their own consumption, in the past few months. We believe that this is an opportune time for an individual to buy his/her dream home, considering the prevailing low-interest rates. ICICI’s completely digitised home loan process including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan.”

Having said so, keep in mind that the home loan interest rates also vary on the basis of various parameters such as the bureau score, profile of the customer, customer segments among others.

State Bank of India (SBI), and Kotak Mahindra Bank also reduced their home loan interest rates last week.

In November 2020, ICICI Bank crossed the Rs 2 trillion (Rs 2 lakh crore) mark in the mortgage loan portfolio. Further, the Bank informed during its Q3 results that its mortgage disbursements increased in Q3-2021 over Q2-2021 and reached an all-time monthly high in December 2020.

The bank claims that its digital process allows anyone including customers of other banks to get a sanction letter immediately, online. The bank has also leveraged Big Data analytics to offer instant loans—fresh loans, top-ups and balance transfer–to pre-approved customers, along-with offering instant loan approvals.

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