The interest on home loans has been lowered by ICICI Bank to 6.70 percent. The Bank’s adjusted interest rate, which is the lowest in ten years, will take effect today, March 5, 2021. This interest rate applies to home loans up to Rs 75 lakh. Loan interest rates above Rs 75 lakh start at 6.75 percent and go up from there. These new rates are effective until March 31, 2021. Private individuals who want to buy a house, as well as non-bank customers, can apply for a home loan online and directly via the bank’s website and the mobile banking app ‘iMobile Pay’. They can also visit their local ICICI Bank branch for a comfortable digitized interface. They can even get a digital loan permit right away.
“We have seen a resurgence in interest from buyers looking to buy homes for their own use in recent months,” said Ravi Narayanan, Head-Secured Assets, ICICI Bank. We believe that with the current low interest rates, this is an excellent time for a person to buy his or her dream home. We assume that everyone will find it extremely easy to get a home loan with us because of our fully digitized home loan process, including instant loan approval for clients of any bank. “
ICICI Bank became the first private sector bank in India to reach the threshold of Rs 2 trillion Rs 2 lakh crore in its mortgage loans in November 2020. -2021, reaching an all-time high in December 2020. Home loan interest rates have also been cut by 5 basis points to 6.75 percent by the Housing Development Finance Corporation (HDFC). According to the bank, the adjustments will take effect from March 4. The State Bank of India (SBI) and Kotak Mahindra Bank both cut interest rates on home loans last week.
The country’s largest lender has interest rates on home loans of just 6.70 percent per year. The bank has waived the processing fee for home loans until March 31, 2021. Kotak Bank has lowered its mortgage interest rates by ten basis points (bps) for a limited time, promising to have the lowest rates in the industry. After the interest rate cut, customers can get a home loan for 6.65 percent until March 31, according to a release from the bank. The rate of 6.65% is valid for all types of home loans.
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