ICICI Bank Ltd has recently slashes its interest rate on home loans of up to Rs. 75 lakh to 6.7%, its lowest in 10 years. According to the bank, the new interest rate will be applicable till 31 March, 2021. The interest rates begin at 6.75% for loans above Rs. 75 lakh.
Ravi Narayanan, Head (secured assets), ICICI Bank, stated that the bank is seeing a 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”, he added.