New Delhi: The process of making home loans cheaper by banks and housing finance companies is going on. Private sector ICICI Bank has reduced the interest rate for home loans up to Rs 75 lakh to 6.70 percent. At the same time, the interest rate on home loans above Rs 75 lakh will be 6.75 percent. The bank says that this is the lowest interest rate in 10 years. Customers can take advantage of reduced interest rates till 31 March 2021. The bank has reduced the initial interest rates of home loans by 0.10 percent. Earlier, the bank was offering home loans at 6.8 per cent.
Earlier, SBI, Kotak Mahindra Bank and HDFC have also reduced home loan interest rates. Kotak Mahindra has the lowest interest rate at 6.65 percent. However, the initial interest rate on home loans of SBI and HDFC is 6.70 per cent.
ICICI Bank: How much is the benefit on a loan of 30 lakhs?
Revised interest rate: 6.70 percent
Home loan: 30 lakh rupees
Tenure: 20 years
EMI every month: Rs 22,722
Total Interest: 24,53,240
Total payment: 54,53,240
