ICICI Bank Home Loan Interest Rates: The process of making home loans cheaper by banks and housing finance companies is going on. Private sector ICICI Bank has reduced the interest rate for home loans up to Rs 75 lakh to 6.70 percent. At the same time, the interest rate on home loans above Rs 75 lakh will be 6.75 percent. The bank says that this is the lowest interest rate in 10 years. Customers can take advantage of reduced interest rates till 31 March 2021. The bank has reduced the initial interest rates of home loans by 0.10 percent. Earlier, the bank was offering home loans at 6.8 per cent.
Earlier, SBI, Kotak Mahindra Bank and HDFC have also reduced home loan interest rates. Kotak Mahindra has the lowest interest rate at 6.65 percent. Whereas, the initial interest rate on home loans of SBI and HDFC is 6.70 per cent.
How much is the benefit on 30 lakh loan?
Current interest rate: 6.70 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,722
Total Interest: 24,53,240
Total payment: 54,53,240
(Earlier, EMI was Rs 22,900 for a loan of 30 lakhs for 20 years at 6.80 per cent interest. On the other hand, the customers had to pay a total interest of Rs 24,97,045 during the loan period. Thus, after 20 years on a loan of 30 lakhs, the customer Total payment to the bank was Rs. 52,96,045.)
Apply with ‘iMobile Pay’
ICICI Bank has said that home buyers, who are not even our customers, will be able to apply for a diligently home loan. For home loans, customers can apply through the bank’s website and mobile banking platform ‘iMobile Pay’. Apart from this, customers will also have digital experience at the nearest branch of ICICI Bank. Customers will be able to get their loan approval digitally immediately.
ICICI Bank’s head, Secured Assets Ravi Narayan, says that in the last few months, demand for its use by customers has increased. In view of this, we believe that to fulfill the dreams of consumers’ dream homes, we should be given home loans at affordable interest rates. We have made available a digital advance platform for customers, with the help of which not only can be applied for home loan, but can also be approved immediately.
Mortgage loan portfolio across 2 lakh crores
In November 2020, ICICI Bank was the first private sector bank in the country to have mortgage portfolio of over 2 lakh crores. The bank had reported in the third-quarter results that its mortgage disbursement increased in the third quarter of 2021 as compared to the second quarter. It reached an all-time high in December 2020.