You can learn how to reduce home loan interest rate in ICICI bank online by applying for the conversion options. You can
download the request letter here
and visit the bank. There are additional ways, such as making a prepayment of the loan. I have shared all the ways below.
How to do ICICI Home Loan Interest Rate Reduction?
Here are three ways through which you can reduce the interest rate on your home loan.
You can reduce the interest rate by making a prepayment of your loan. Here, you may have to pay a penalty to the borrower in case of a fixed interest rate. You should contact the concerned lender for the same. However, if you have a floating interest, you won’t have to pay any charges for making a prepayment.
Another way is to increase the EMI you pay. I would suggest you first assess your financial situation and then take this step. You can look to increase the EMI by a small percentage and see a significant drop in the interest rate you pay.
This is the method I adopted. You can make a higher down payment when you buy your house. In general, this figure is 20%, but I made a 30% down payment, which helped in lowering the interest rate on my home loan.
This is how to reduce ICICI home loan interest rate. Hopefully, this helps.
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| Slab | Floating Interest rate |
| Up to ₹35 lacs | RR + 2.70% (6.70%) - RR + 3.15% (7.15%) |
| ₹35 lacs to ₹75 lacs | RR + 2.70% (6.70%) - RR + 3.30% (7.30%) |
| Above ₹75 lacs | RR + 2.70% (6.70%) - RR + 3.40% (7.40%) |
| Slab | Floating Interest rate |
| Up to ₹35 lacs | RR + 2.80% (6.80%) - RR + 3.30% (7.30%) |
| ₹35 lacs to ₹75 lacs | RR + 2.80% (6.80%) - RR + 3.45% (7.45%) |
| Above ₹75 lacs | RR + 2.80% (6.80%) - RR + 3.55% (7.55%) |
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Authors Of The Question
how to reduce home loan interest rate in ICICI bank
Ujjwal
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2 Answers
2 Year
2021-12-28T12:15:13+00:00 2023-11-23T21:50:59+00:00Comment
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