Money & Banking

ICICI Bank cuts home loan rate to 6.7%

Our Bureau Mumbai | Updated on March 05, 2021

The new rate is the lowest in 10 years

ICICI Bank on Friday reduced home loan interest rate to 6.7 per cent.

The revised interest rate, which is the lowest in 10 years by the private sector lender, will be effective from March 5.

“Customers can avail of this interest rate for home loans up to ₹75 lakh. For loans above Rs 75 lakh, interest rates are pegged at 6.75 per cent onwards,” ICICI Bank said in a statement, adding that the revised rates will be available till March 31, 2021.

The bank is the latest to reduce home loan rates in recent days, following State Bank of India, Kotak Mahindra Bank, and Housing Development Finance Corporation.

“We see resurgence in demand from consumers, who want to buy homes for their own consumption, in the past few months,” said Ravi Narayanan, Head, Secured Assets, ICICI Bank.

In its third quarter results, the bank had said that its mortgage disbursements increased in the quarter over the second quarter of 2020-21 and had touched an all time monthly high in December.

Earlier, in November, the bank had become the first private sector lender in the country to cross the ₹2 lakh crore mark in mortgage loan portfolio.

Published on March 05, 2021

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