ICICI home loan: ICICI Bank reduces home loan interest rate to 6.70% till March 31

announced on Friday that it has reduced home loan interest rate to 6.70%.The revised interest rate is effected from March 5, 2021, stated the bank in a press release. 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% onwards, stated the release. These revised rates will be available till March 31, 2021.

Ravi Narayanan, Head- Secured Assets, 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 his/her dream home, considering the prevailing low interest rates.”

Other banks too have been coming out with limited period offers on home loans.

The State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021.

Kotak Mahindra Bank on Monday announced a 0.10 percentage point cut in its home loan rates for a limited period. Customers will be able to avail home loans for 6.65 per cent till March 31 as part of a special offer after the rate reduction, the bank said in a statement.

The country’s largest housing finance company HDFC has cut interest rate on its home loans to 6.75% from 6.8%. However, this is not a limited period offer.