Has ICICI Bank Reduced Home Loan Rates?

To meet growing consumer demand for affordable homes and address challenges faced by borrowers owing to financial uncertainty wrought by the Covid-19 pandemic crisis, ICICI had reduced the interest rate to 6.70% for home loans up to Rs. 75 lakhs and above to Rs. 75 lakhs home loans have an interest rate pegged at 6.75% onwards. These revised rates were applicable from March 5, 2021, to March 31, 2021.

Whether you’re purchasing a completed home, constructing a house, renovating/redecorating your current home, you can apply for an ICICI Bank Home loan both offline (branch visit) and online.

ICICI Bank, established in 1994, is a leading private sector bank in India that provides various banking products and financial services. The bank offers various types of home loans at competitive interest rates, low EMIs, instant processing, easy repayment options and low processing fees to suit the borrower’s varying needs. 

Features of ICICI Bank Home Loans

  • Loan repayment tenure available up to 30 years
  • Maximum amount of loan that can be availed is Rs. 3 crores
  • EMIs are available as low as Rs. 649/lakh
  • Affordable interest rates 
  • Enhanced eligibility provided till 20%
  • Women borrowers are eligible for special rates
  • Prepayment of loans carries no foreclosure charges 
  • Under PMAY scheme, Credit Linked Subsidy benefit available till Rs. 2.67 lakhs at effective rate of 4.62%
  • Balance can be transferred with Top up facility
  • Online loan application tracking platform -  Track My Loan feature is available 

Points to Remember: 

  1. ICICI had reduced home loan rates for loans up to Rs. 75 lakhs to 6.70% till March 31,2021
  2. ICICI Bank offers different types of home loans to match borrower home loan requirements