ICICI Bank follows SBI, Kotak Mahindra Bank, HDFC Bank, cuts home loan interest rate

Following SBI (State Bank of India), Kotak Mahindra Bank and HDFC Bank; India's one of the top private lender ICICI Bank has announced to reduce its home loan interest rate to 6.70 per cent — lowest ICICI home loan interest rate in the last 10 years. The revised interest ICICI Home Loan Interest Rate is effective from 5th March 2021. Customers can avail of this home loan interest rate 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.

Speaking on the ICICI home loan interest rate reduction Ravi Narayanan, Head- Secured Assets, ICICI Bank said, “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.”

Home buyers, including those who are not customers of the Bank, can apply for home loan digitally, in a hassle-free manner through the Bank’s website and mobile banking platform, ‘iMobile Pay’. They can also experience a convenient digitised experience at their nearest ICICI Bank branch. They can also receive instant sanction of their loan digitally.

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In November 2020, ICICI Bank became the first private sector bank in the country to cross Rs. 2 trillion (Rs 2 lakh crore) mark in 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.

Home Loan interest rates vary on the basis of various parameters such as the bureau score, profile of customer, customer segments among others.

Recently, State Bank of India (SBI), Kotak Mahindra Bank and HDFC Banks have also announced to reduce home loan interest rates to attract potential home buyers in the residential real estate market.