ICICI Bank Home Loan Interest Rate Change

[SomeRandomName]

1. Hi, How and when is the home loan interest changes for ICICI bank? RBI has decreased the repo rate twice however the loan interest has not changed yet for me for the last repo changes.
2. Does it reduce the tenure or it reduces the EMI amount?

 

[helloworld]

1. Usually in this Quarter, check app/contact support for next update.
2. U might have selected 1 option during loan process, same will apply. If needed to change, bank will communicate with you.

If rate is lower, usually reduce the EMI amount. If rate is higher, they'll ask or use default option selected by you.

 

[Amish]

In my case, the reset was scheduled for 1st May (as per Loan agreement) which would have given me advantage of (0.5%) reduction. They instead deliberately reset it yesterday and wef 1st April (after RBI announced their 2nd rate cut) which led to reduction of (0.25%) only. Now the next reset is after 3 months leading to a net loss for me. I have raised a complaint to the customer care.

 

[srinadhjyothi]

Home loan based on MCLR usually changes will affect twice in a year (every 6 months) based on RLLR usually quarterly change