New Delhi: If you are planning to buy a house, then you hardly get a golden opportunity from it. Actually, ICICI Bank has reduced its home loan rate and brought it down to a 10-year low. Before this, many other banks like SBI, Kotak have also reduced the interest rate on home loans. ICICI Bank on Friday reduced the interest rate on its home loan to 6.70 percent. This is the cheapest home loan rate of the last ten years of the bank. This loan rate has come into force from today on March 5.
ICICI Bank says that customers with a home loan up to Rs 75 lakh will get the benefit of this affordable rate. For loans above Rs 75 lakh, the bank has fixed an interest rate of 6.75 percent. This economy rate is currently till March 31. It is noteworthy that the Reserve Bank of India (RBI) has reduced policy rates significantly. Due to this, it has become easier for banks to cut interest rates. The repo rate fixed by RBI is currently 4 percent. This is the rate at which banks get loans from RBI. That is, banks are getting very cheap loans from the Reserve Bank. That is why they are spreading the benefits of this to the customers.
Earlier, the State Bank of India (SBI) has also reduced the interest rate on home loans. SBI has announced a rebate of about 0.1 percent in home loans based on the CIBIL score. With this, SBI's home loan has become a minimum interest rate of 6.70.
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