After the largest public lender State Bank of India slashed home loan interest rate, the private lender ICICI Bank on Friday reduced the home loan interest rate to 6.70 per cent. As per the report in Mint, the revised interest rate of the bank is the lowest in 10 years. The rates will be in effect from 5 March 2021.
What are the changes?
The current interest rates can be availed against home loans up to ₹75 lakh. For loans above ₹75 lakh, interest rates are pegged at 6.75 per cent onwards. However, it is to be noted that the revised rates will be available till 31 March 2021. Also Read: Applying For Home Loan? SBI Reduces Interest Rates To 6.70% - Details Here
It is to be noted that customers of the bank including those who don't have an account with the Bank, can also apply for home loan digitally. The loan can be availed in a hassle-free manner through the Bank’s website and mobile banking platform, ‘iMobile Pay’
You can instantly get the loan sanctioned digitally.
As per the Mint report, the bank in November, 2020 became the first private sector bank in the country to cross Rs. 2 trillion ( ₹2 lakh crore) mark in the mortgage loan portfolio. Infact, at the time of announcement of Q3 results the bank informed that its mortgage disbursements aso rose in Q3-2021 over Q2-2021 and reached an all-time monthly high in December 2020.
Earlier, SBI has cut down the home loan interest rate up to 70 basis points (bps) with interest rates starting from 6.70 per cent onwards. The bank is also giving 100 per cent waiver on processing fees. Customers must note that this is a limited period offer that ends on March 31. Kotak Bank also cut 10 basis points (bps) in its home loan rates for a limited period.