Following its peers, private lender ICICI Bank has announced a reduction in home loan interest rates to 6.70% for home loans up to Rs. 75 lakh. The new interest rates will come into effect from March 5, 2021. As per the bank, the revised rate is the lowest in 10 years.
ICICI Bank home loan interest rate cut comes after the State Bank of India (SBI), Kotak Mahindra Bank and housing finance company HDFC Ltd slashed their home loan rates.
For loans above Rs. 75 lakh, the bank has pegged its interest rates from 6.75% onwards. The offer is for a limited period and can be availed till March 31, 2021.
While announcing the offer, the bank said home buyers, including those who are not customers of the bank, can apply for home loan digitally, in a hassle-free manner through the bank’s website and mobile banking platform, ‘iMobile Pay’.
The bank further added customers can also experience a convenient digitised experience at their nearest ICICI Bank branch. They can also receive an instant sanction of their loan digitally.
Ravi Narayanan, Head- Secured Assets, ICICI Bank said, “We see a resurgence in demand from consumers, who want to buy homes for their own consumption, in the past few months. We believe that this is an opportune time for an individual to buy his/her dream home, considering the prevailing low-interest rates. We believe that with our completely digitised home loan process including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us.”
With interest rates falling to historic lows, this is a great time to take a home loan. The lowest home loan interest rates are reserved for borrowers with a credit score of 750 or above, so check your score before applying for a home loan.
Here are the lowest interest rates advertised by different lenders:
Lowest Advertised Rate For Home Loan Up To Rs. 75 lakh
Kotak Mahindra Bank
State Bank of India
Union Bank of India
Punjab National Bank
Bank of Baroda
Punjab & Sind Bank
Bank of Maharashtra
Bank of India
Housing Finance Companies
LIC Housing Finance Ltd
Data compiled by BankBazaar.com. Interest rates as advertised by each lender on March 5, 2021. Lowest rates are provided to eligible customers only.