ICICI Bank cuts home loan rate to 6.70% at par with SBI; new rate available till 1 March – Business News , Firstpost

Borrowers of up to Rs 75 lakh will get credit score at 6.70 p.c whereas these above that threshold will want to pay 6.75 p.c, the financial institution stated

Representational picture. Reuters.

Mumbai: ICICI Bank on Friday minimize the curiosity rate on home loans to 6.70 p.c, at par with market chief SBI, as a part of a restricted interval provide. The second-largest non-public sector lender stated the curiosity rate providing, which is legitimate till 31 March, is the bottom in a decade.

Over the final week, there have been a slew of comparable bulletins by lenders on rates of interest which had been at a 16-year-low at the systemic degree.

SBI minimize its rate first to 6.70 p.c to greatest-rated debtors, which was adopted up shortly by smaller rival Kotak Mahindra Bank that slashed its rate to 6.65 p.c and non-financial institution chief HDFC additionally reviewing it down.

“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,” ICICI Bank’s head for secured belongings Ravi Narayanan stated.

The new home loan charges are efficient from 5 March, the financial institution stated, including debtors of up to Rs 75 lakh will get credit score at 6.70 p.c, whereas these above that threshold will want to pay 6.75 p.c.

In November 2020, the financial institution had crossed the Rs 2 lakh crore mark within the mortgage loan portfolio, turning into the primary non-public sector lender to attain the mark. It had additionally knowledgeable throughout its newest quarterly outcomes that its mortgage disbursements elevated in December quarter over July-September and reached an all-time month-to-month excessive in December 2020.

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