ICICI Bank reduces home loan interest rate to 6.70%

The revised interest rate-- the lowest in 10 years by the Bank—is effected from March 5, 2021. Customers can avail of this interest rate for home loans upto 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.

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.

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.”

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.