News About ICICI Bank Home Loan

• ICICI to offer home loans at the rate of 8.40%

  The leading private sector lender ICICI bank has reduced the interest rates by 30 bps for home loans below 30 lakhs. The company in a statement announced that salaried women can avail home loans at the rate of 8.35% and others can get it for 8.40%. As per the bank reports, lower income groups can avail low interest rates and credit linked subsidy under the housing scheme of government, Pradhan Mantri Awas Yojna. The bank also said that they are moving in line with the developmental vision of government to provide housing for all.

  

  18th May 2017

• ICICI cuts interest rates on home loans

  ICICI Bank, which is among the top three Indian banks for housing finance has announced a cut in its interest rates by 45 basis points, bring the interest rate down from 9.1% p.a. to 8.65% p.a. The bank has also reduced its Marginal Cost of Lending Rate (MCLR) by 70 basis points, bring it down from 8.9% to 8.2%. Following the reduction in interest rates, the bank is presently providing home loans at 0.05% higher than SBI (8.6%), which is currently the best rate in the market. This reduction in interest rates comes in light of the surge in deposits due to the demonetization of the Rs.500 and Rs.1,000 currency notes, bringing down the cost of funds.

  

  21st January 2017
• ICICI launches Home Overdraft Facility

  ICICI has launched a new credit facility for its salaried customers who currently have a home loan with the bank. The new facility is called the Home Overdraft facility. This will allow salaried customers to avail loans of up to Rs.1 crore for personal needs in the form of overdraft. The minimum loan on the Home Overdraft facility is Rs.5 lakh and the maximum amount will be Rs.1 crore. Customers can avail a minimum of 10% of the total amount as a term loan and a maximum of 90% of the total amount as an overdraft, the term loan will have an equated monthly instalments (EMI).

  

  14th November 2016

   
• ICICI Bank Slashes its Marginal Cost of Lending Rates by 5 Basis Points

  Only a few hours after the Reserve Bank of India reduced their Repo Rates by 25 basis points bringing it down to 6.25%, ICICI Bank has also slashed its MCLR Rates by 5 Basis Points. The reduced rate will be act with effect from 1^st October 2016. While the lending rate for one month and three months tenors are identical at 8.85%, the lending rate for a duration of 1 year stands at 9.05%

  The MCLR Regime was introduced this fiscal year on 1^st April 2016 and is effective for all new loans and advances. Even the new floating rate loans will be linked to MCLR.

  

  4th October 2016

   
• ICICI Bank Cuts MCLR by 5bps

  ICICI Bank has brought down Marginal Cost of Funds-Based Lending Rate (MCLR) by 5 basis points.

  The overnight MCLR has been brought down to 8.9 percent from 8.95 percent in the previous month, while the 1-year MCLR is pegged at 9.1 percent from 9.15 percent.

  This monthly revision in MCLR is in line with the Reserve Bank of India’s policy, which allows customers to get better rates as the RBI repo rates go down.

  

  4th August 2016

   
• ICICI Considering Stake Dilution in Home Finance Division

  The Reserve Bank of India recently told banks to give out home loans themselves rather than doing so through a wholly-owned subsidiary. The central bank has asked new banks seeking licence to transfer any home finance activity through a subsidiary to the bank before applying.

  This has led to ICICI Bank mulling either selling part of the stakes in ICICI Home Finance or merging it with the bank. Can Fin Homes, Cent Bank Home and PNB Housing Finance are some of the bank-backed housing finance companies that have already diluted their ownership.

  Banks are not allowed to give loans below their benchmark Base Rate. Housing Finance Companies, however, can lend below their prime lending rate. Banks are also subject to stringent guidelines on outsourcing and employing agents.

  

  20th July 2016

   
• 0.05% Drop in ICICI Bank Lending Rates

  Followed by a fall in MCLR rates of SBI and HDFC, ICICI Bank dropped its rate by 0.05%. The overnight MCLR rate for new borrowers was set at 8.95% and the one-year MCLR with regard to home loans were cut down to 9.15%. According to the information on ICICI Bank’s website, there also seems to have been changes in the MCLR rates for the tenures of one-month, three-months and six-months.

  RBI’s introduction of the MCLR system was aimed at swift policy transmission by lenders and banks were asked to review the rates every month. There has been a 0.30% fall in the overnight MCLR rates of banks after use of the new system of calculation.

  

  9th June 2016

   
• ICICI home loan cheaper than SBI home loan

  State Bank of India or SBI offers home loans at a rate of interest of 9.45% but customers might actually opt for ICICI home loan over SBI home loans as the latter offers loans at the rate of 9.4%. However HDFC is nowhere close to the competition as it is charging a whopping 9.55% to 10.05% for its home loans. But it will take some time for RBI’s monetary transmission to be achieved completely. RBI released guidelines for computing MCLR in December last year and has instructed banks to implement it as the benchmark for lending instead of base rates. This move was launched to ensure the rate of lending is sensitive to policy rates.

  

  28th April 2016

   
• ICICI Bank Launches Subsidy Home Loan Under Pradhan Mantri Awas Yojana

  In a noble effort to help the weaker sections of the society build homes, ICICI, the country’s largest private lender, recently launched a home loan subsidy scheme under the 'Pradhan Mantri Awas Yojana'. This home loan scheme is targeted at the weaker sections of the society who can now avail this loan at significantly lower EMIs, as compared to the prevailing market rate, to build brick and mortar houses.

  To bring this home loan scheme to customers, ICICI Bank partnered with the National Housing Bank (NHB) and will provide this scheme to all eligible applicants at a subsidized interest rate of 6.5% per year on a maximum amount of Rs 6 lakh or the loan amount (whichever is higher), for a maximum time duration of 15 years. The loan amount provided will be decided after evaluation of the repayment capacity of the borrower and may also be stretched over a period of 30 years.

  

  4th April 2016

   
• Express Home Loans by ICICI Bank

  ICICI Bank Ltd has introduced a brand new home loan plan called Express Home Loan with the USP of extremely quick approval. The bank claims that the approval process can be completed in less than 8 working hours. Its possible for customers submit the duly filled application forms, know-your-customer (KYC) as well as other required documents online. The entire process can be completed without even stepping foot into one of the branches, not even for the approval. This service is not restricted to customers of ICICI, but is open to all salaried individuals.

  

  14th March 2016