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New Delhi: Days after the SBI and HDFC reduced interest rate on home loans, lending major ICICI Bank on Friday slashed its home loan interest rate to 6.70 per cent. Issuing a statement, the bank said that the revised interest rate — the lowest in 10 years by the bank – has come into effect March 5.
In the statement, the bank further added that the revised interest rate can be availed by clients for home loans up to Rs 75 lakh. Apart from this, for loans above Rs 75 lakh, interest rates are pegged at 6.75 per cent onwards. The bank also added that these revised rates will be available till March 31.
“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.
“We believe that this is an opportune time for an individual to buy his or 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,” he added.
The development comes days after the SBI and the HDFC took similar steps and reduced the interest rate on home loans.
In November 2020, the ICICI Bank became the first private sector bank in the country to cross Rs 2 trillion (Rs 2 lakh crore)-mark in mortgage loan portfolio. Further, the bank informed that during its mortgage disbursements increased in Q3-2021 over Q2-2021 and reached an all-time monthly high in December 2020.
(With inputs from IANS)
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