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Home loan war heats up as ICICI Bank cuts rates to 6.70%

ICICI Bank joined the home loan rate cut bandwagon by announcing that it has cut rates to 6.70 per cent for loans up to Rs 75 lakh. The private lender said that home loans above Rs 75 lakh will attract a rate of 6.75 per cent. This announcement comes after India's largest lender State Bank of India cut home loan rates to 6.70 per cent followed by announcements from Kotak Mahindra Bank and HDFC Ltd. Ravi Narayanan, Head of Secured Assets at ICICI Bank said “We see 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 their dream home, considering the prevailing low interest rates."