RBI guidelines on floating rate loans
As per the Reserve Bank of India (‘RBI’) Circular No. RBI/2023-24/55 dated Aug 18, 2023, the below options are available for the customer prior to execution of rate reset:
- Change in tenure of Loan
- Change in EMI of Loan
- Change in tenure and EMI of Loan
- Switch from the existing floating rate of interest to a fixed rate of interest by availing the conversion option. The applicable conversion fee as specified in the transaction documents will be charged for the same.
If the home loan interest rate is being revised for your Loan Account, you can opt for any of the above options before the reset date by visiting any ICICI Bank Loan Servicing Branch. Your request will be processed basis the option chosen by you or as per the agreed Terms and Conditions. In case no request is received before the reset date, then rate reset will be executed as per the agreed Terms and Conditions and the same will be intimated post reset.
In addition to the above, please note the following:
- You can opt for part payment of the loan without any part payment charges. The minimum part payment amount should be equivalent to one EMI.
- You can also opt for full prepayment of the loan any time during the tenure of the loan subject to applicable prepayment charges.
You can now enjoy post disbursement services online. To view the list of services offered, please click here