The interest rate 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, takes effect today, March 5, 2021. This interest rate is applicable for home loans up to Rs 75 lakh. Interest rates on loans above Rs 75 lakh start at 6.75 percent and go up from there. These new rates will be in effect until March 31, 2021. 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 digitalised 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 digitalised home loan process, which includes instant loan approval for customers of every bank." According to the bank, the adjustments will take effect from March 4th. The State Bank of India (SBI) and Kotak Mahindra Bank both cut home loan interest rates last week. The processing fee on home loans has been waived by the bank until March 31, 2021. Kotak Bank has reduced its home loan rates by ten basis points (bps) for a limited time, promising to have the lowest rates in the industry. After the rate cut, customers will be able to get home loans for 6.65 percent until March 31, according to a release from the bank. The 6.65% rate is valid to all types of home loans.