ICICI Bank cuts home loan rates to 6.7%, lowest in a decade

ICICI Bank has reduced the home loan interest rates to 6.70%. The revised interest rate is the lowest in 10 years by the Bank. The new interest rates are effective from 5 March 2021. Customers can avail of this interest rate for home loans up to Rs 75 lakh. For loans above Rs 75 lakh, interest rates are pegged at 6.75% onwards. These revised rates will be available till March 31, 2021.

Homebuyers, 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’.

“We see a resurgence in demand from consumers, who want to buy homes. 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,

In November 2020, ICICI Bank became the first private sector bank in the country to cross 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.

Also Read: Planning to buy a house? SBI cuts home loan interest rates

Additionally, the Bank’s completely digital process allows anyone including customers of other banks to get a sanction letter immediately, online. ICICI Bank now sources nearly one-third of new home loans digitally. The growth in the mortgage portfolio was also aided by the Bank’s expansion of footprint across the country including tier 2, 3 and 4 cities.

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

ICICI Bank is a leading private sector bank in India. It is present across 15 countries, including India.

Other lenders like State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corporation (HDFC) have lowered the interest rates on home loans in a bid to attract customers.