Good news for home buyers! ICICI Bank cuts home loan interest rates to 6.70 per cent, lowest in 10 years

New Delhi: ICICI Bank has revised its interest rates on Friday (March 5). ICICI Bank has reduced the home loan interest rates to 6.70 per cent which is the lowest in past 10 years. The revised interest rates will be effective from Friday (March 5).

Customers can claim the interest rate on home loans up to Rs. 75 lakh. Home loans above Rs. 75 will be offered an interest rate of 6.75 per cent onwards. These revised rates are only available till March 31 2021.

If you are looking to buy a home and need a home loan this looks like a great opportunity. The home loan interest rates are really attractive and anyone can avail of them by applying for a home loan from the company's official website as well as the mobile app. Customers can also visit the nearest ICICI Bank branch in order to know more about the interest rates. 

Ravi Narayan, Head- Secured Assets of the ICICI Bank said "We see a resurgence in demand from customers, 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."

ICICI Bank's reduced interest rates come right after other banks such as State Bank of India, Kotak Mahindra Bank and HDFC Bank slashed their home loan interest rates. HDFC Bank has reduced the home loan interest rates to 6.75 per cent.

State Bank of India has offered the home loan interest rate starting from 6.70 per cent. The bank has waived off the processing fee on home loans till March 31 2021 in order to attract more buyers.