ICICI Bank too cuts interest on home loans to 6.70%

March 05, 2021 14:49

ICICI Bank on Friday cut interest rate on home loans to 6.70 per cent, at par with market leader SBI, as part of a limited period offer.

The second largest private sector lender said the interest rate offering, which is valid till March 31, is the lowest in a decade.

Over the last week, there have been a slew of similar announcements by lenders on interest rates which were at 16-year-low at the systemic level.

SBI cut its rate first to 6.70 per cent to best rated borrowers, which was followed up quickly by smaller rival Kotak Mahindra Bank that slashed its rate to 6.65 per cent and non-bank leader HDFC also reviewing it down.

"We see 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 assets Ravi Narayanan said.

The new home loan rates are effective from March 5, the bank said, adding that borrowers of up to Rs 75 lakh will get credit at 6.70 per cent, while those above that threshold will need to pay 6.75 per cent.

« Back to LIVE

TOP STORIES

Will Thiruvanathapuram Elect Tharoor A 4th Time?

24 hours before campaigning ends in Thiruvanathapuram, Archana Masih/Rediff.com discovers Shashi Tharoor and his BJP rival Rajeev Chandrasekhar are busy getting their message across to voters.

'I broke my mother's heart a little when I eloped'

Zeenat Aman dedicated her latest post on Instagram to her mother, and shared the kind of relationship they had.

T20 World Cup: Who Should Keep Wickets?

Vote For Your Choice!

Where Was Modi When We Needed Him Most?

'From April 25, 2021, Modi disappeared. He made no public appearance for 20 days.' 'The prime minister of India fled the field when his people needed the government most,' points out Aakar Patel.

The RBI Story: 90 Years And Going Strong

Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing...