Mumbai, Mar 5 :
After SBI and HDFC Bank, ICICI Bank on Friday announced that it has reduced the home loan interest rate to 6.70 per cent. The revised interest rate, the lowest in 10 years by the bank, is effective from March 5.
Customers can avail of this interest rate for home loans up to Rs 75 lakh. For loans above Rs 75 lakh, interest rates are pegged at 6.75 per cent onwards. These revised rates will be available till March 31.
“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,” said Ravi Narayanan, Head- Secured Assets, ICICI Bank.
ICICI Bank’s move comes days after other lenders like State Bank of India (SBI), Kotak Mahindra Bank and Housing Development Finance Corporation (HDFC Ltd) lowered their home loan rates.
Housing Development Finance Corporation (HDFC) has also reduced home loans interest rates by 5 basis points to 6.75 per cent.
The Reserve Bank of India (RBI) has been pushing banks to cut their lending rates. The central bank has cut its key lending rate, repo, by 250 bps since February 2019.
