ICICI Bank Reduces Interest Rate On Home Loans To Lowest In 10 Years

The country's leading private lender announced today that it has reduced its interest rate on home loans up to Rs 75 lakh to 6.70 per cent.

ICICI Bank Reduces Interest Rate On Home Loans To Lowest In 10 Years

The reduced interest ratehas come into effectfrom today, March 5, 2021.

After the country's largest lender State Bank of India reduced home loan rates a few days ago, India's leading private lender ICICI Bank announced that it has reduced its interest rate on home loans up to Rs 75 lakh to 6.70 per cent. According to a statement released by the bank, the revised interest rate is the lowest in 10 years by ICICI bank. The reduced interest rate has come into effect from today, March 5, 2021. Additionally, for the loans above Rs 75 lakh, the interest rates are pegged at 6.75 per cent onwards. The revised interest rates will be available till March 31, 2021. (Also Read: State Bank Of India Reduces Home Loan Interest Rate To Record Low Of 6.7% )

ICICI Bank added that home buyers, including those who are not customers of the bank, can also apply for home loan digitally, through the bank's website or through the mobile banking platform, ‘iMobile Pay'. Customers can also visit the 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,'' said Mr. Ravi Narayanan, Head- Secured Assets, ICICI Bank.

In November 2020, ICICI Bank became the first private sector bank in the country to cross Rs 2 lakh crore mark in mortgage loan portfolio.