ICICI has reduced its home loan interest rates to a 10 year low at 6.70 percent. This revised interest rate is going to be effective from March 5, 2021. This interest rate can be availed for home loans not exceeding Rs 75 Lakh by customers. Interest rates are pegged at 6.75 percent onwards for loans that go beyond Rs 75 lakh. These revised rates of interest would be availed only till 31st March 2021.
It can be applied in a hassle-free and quick manner. Homebuyers, including the people who are not ICICI bank customers, can apply for the loan digitally via Bank’s website and mobile banking platform, ‘iMobile Pay’. An instant sanction of the loan can be received digitally by just visiting the nearest ICICI Bank branch. Ravi Narayanan, Head-Secured Assets at ICICI Bank said they have been seeing a surge in demand from consumers who want to buy homes for their consumption in the past few months. They have hence reduced the interest rates to create a perfect opportunity for those who are intending to buy their dream home. They have made it convenient to avail of these loans through their digitized home loan process and instant sanction for customers of other banks as well. But it should be kept in mind that the home loan interest rates vary as per parameters such as bureau score, customer segments, and profile of the customers. There were reductions in interest rates by both the State Bank of India (SBI) and Kotak Mahindra Bank last week.
In terms of mortgage portfolio, ICICI Bank crossed Rs 2 trillion that is Rs 2 Lakh crore in November 2020. The bank also informed an increase in disbursements of the mortgage in Q3 of FY21 as against Q2 of FY21. It managed to reach an all-time high in December 2020. This would increase further after the Bank announces a digital process that would provide a sanction letter immediately to even non-customers. For providing instant loans in the form of fresh loans, top-ups, and balance transfer, the bank has leveraged Big Data analytics.