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

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Individuals looking to buy a home and including non-bank customers can apply for a home loan online and instantly via the Bank’s website and mobile banking app, ‘iMobile Pay.’ They can also visit their local ICICI Bank branch for a comfortable digitalized interface. They can even get a digital loan approval right away.

“We have seen a revival in interest from buyers who want to purchase homes for their own use in the last few months,” stated Ravi Narayanan, Head- Secured Assets, ICICI Bank. We assume that, with the current low-interest rates, now is an excellent time for a person to purchase his or her dream home. We assume that everybody will find it extremely easy to obtain a home loan with us because of our fully digitalized home loan process, which includes instant loan approval for customers of every bank.”
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Other banks too have been coming out with limited period offers on home loans.
The State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021. Kotak Mahindra Bank on Monday announced a 0.10 percentage point cut in its home loan rates for a limited period. Customers will be able to avail of home loans for 6.65 percent till March 31 as part of a special offer after the rate red. The country’s largest housing finance company HDFC has cut the interest rates on its home loans to 6.75% from 6.8%. However, this is not a limited period offer..

ICICI Bank became the first private sector bank in India to reach the Rs 2 trillion Rs 2 lakh crore threshold in its mortgage loan holdings in November 2020. In addition, the Bank stated in its Q3 results that mortgage disbursements raised in Q3-2021 over Q2-2021, reaching an all-time monthly high in December 2020. Home loan interest rates have also been lowered by 5 basis points to 6.75 percent by the Housing Development Finance Corporation (HDFC). According to the bank, the adjustments have been in effect from March 4th. The State Bank of India (SBI) and Kotak Mahindra Bank both cut home loan interest rates last week.