After SBI, HDFC, now ICICI Bank cuts interest rates on home loans
New Delhi: Days after the SBI and HDFC cut interest rates on home loans, leading bank ICICI on Friday cut the interest rate on its home loans to 6.70%. In a statement, the bank said the revised interest rate – the lowest in 10 years by the bank – went into effect on March 5.Read also – ICICI Bank customer alert: credit card holders cannot set transaction control on these dates
In the statement, the bank added that the revised interest rate can be used by clients for home loans up to Rs 75 lakh. Apart from that, for loans above Rs 75 lakh, the interest rates are set at 6.75 percent and above. The bank also added that these revised rates will be available until March 31. Read also – 5 things to know if you choose a joint home loan
“We have seen a resurgence in demand from consumers, who want to buy homes for their own consumption, in recent months,” said Ravi Narayanan, Head of Guaranteed Assets, ICICI Bank. Read also – No reduction in interest on small savings plans: the Ministry of Finance withdraws orders “issued by surveillance”
“We believe the time has come for an individual to purchase their dream home, given the low interest rates prevailing. We believe that with our fully digital home loan process, including instant sanction for customers of any bank, everyone will find it extremely convenient to take out a home loan with us, ”he said. added.
This development comes days after the SBI and HDFC took similar action and cut the interest rate on home loans.
In November 2020, ICICI Bank became the first private sector bank in the country to cross the 2 trillion rupee (Rs 2 lakh crore) mark in its mortgage portfolio. In addition, the bank informed that during its mortgage disbursements, disbursements increased in the third quarter of 2021 compared to the second quarter of 2021 and reached a historic monthly high in December 2020.
(With IANS entries)