I am an existing ICICI Bank Home Loan customer. Can I migrate from FRR/I-BAR to I-Base based interest rate ?
Yes, there is a provision for any existing customer to migrate to I-Base based interest rate. There will be no fee or charges for this migration. Please note that benchmark migration to I-Base will not result into any change in existing effective interest rate for the customer. While the FRR will be replaced with I-Base, the margin will be adjusted accordingly to maintain the effective current interest rate. Example: Say you have a Home Loan of Rs. 2 million and current effective rate of interest of 12% (FRR-0.75%). Our current FRR is 12.75%. With migration to I-Base, your ROI will continue to be 12.00% (7.5% (I-Base) + 4.5% (margin) = 12.00%).
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