ICICI Bank reduces dwelling mortgage rate of interest to six.70%

Image Source : PTI (FILE) ICICI Bank reduces dwelling mortgage rate of interest to six.70%
Lending main ICICI Bank diminished its dwelling mortgage rate of interest to six.70 per cent, the corporate stated on Friday. Accordingly, the revised rate of interest — the bottom in 10 years by the financial institution — is effected from March 5. The financial institution in a press release stated that this rate of interest might be availed for dwelling loans as much as Rs 75 lakh.
Besides, for loans above Rs 75 lakh, rates of interest are pegged at 6.75 per cent onwards. As per the assertion, these revised charges can be accessible until March 31.
“We see resurgence in demand from consumers, who want to buy homes for their own consumption, in the past few months,” stated Ravi Narayanan, Head – Secured Assets, ICICI Bank.

“We believe that this is an opportune time for an individual to buy his or her dream home, considering the prevailing low interest rates. We believe that with our completely digitised home loan process, including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us.”
In November 2020, ICICI Bank turned the primary non-public sector financial institution within the nation to cross Rs 2 trillion (Rs 2 lakh crore)-mark in mortgage mortgage portfolio. Further, the financial institution knowledgeable that in its mortgage disbursements elevated in Q3-2021 over Q2-2021 and reached an all-time month-to-month excessive in December 2020.
The development within the mortgage portfolio was additionally aided by the Bank’s growth of footprint throughout the nation, together with tier 2, 3 and 4 cities.
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