ICICI Bank Cuts Home Loan Interest Rates to 6.70%

ICICI has reduced its home loan interest rates to 6.70%.

(Photo: PTI)

India’s leading private sector bank ICICI on has reduced its home loan interest rate to 6.70 percent. The revised interest rate came into effect from 5 march 2021. As per the information provided by the bank, the revised interest rate is lowest in 10 years.

Customers interested in home loans can avail the interest rate of 6.70 percent up to the loan amount of Rs 75 lakh. For loans above Rs 75 lakh, interest rates charged will be 6.75 percent onwards. These revised rates can be availed till 31 March 2021.

How to Apply

Home buyers, including those who are not customers of the Bank, can apply for home loan digitally, through the Bank’s website and mobile banking platform, ‘iMobile Pay’. They can also apply for the same at their nearest ICICI Bank branch.

“We see 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. We believe that with our completely digitised home loan process including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us.”

Ravi Narayanan, Head- Secured Assets, ICICI Bank said  

As per the official statement, ICICI bank, in November 2020, became the first private sector bank in the country to cross Rs. 2 trillion (Rs 2 lakh crore) mark in mortgage loan portfolio. The statement further mentioned that its mortgage disbursements increased in Q3-2021 over Q2-2021 and reached an all-time monthly high in December 2020.