Since making its maiden venture in the home loan
segment in 1999, ICICI Bank has been breathing down the neck of
market leader HDFC with its aggressive marketing strategy. Quality
and value-added service - rather than interest rate - have been
the hallmark of ICICI with the company capitalizing on the absence
of `door delivery' for housing loans. In a marked shift from the
existing industry norms, ICICI carved a niche for itself by going
to the potential borrower rather than waiting for him to come to
ICICI Bank offers home loans for purchase or construction of house
and the loan amount can be up to 85% of the cost of the property.
The loan must terminate before or when the borrower turns 65 years
of age or before retirement, whichever is earlier. ICICI home
loans come with benefits like easy interest rates, simplified
documentation, doorstep service and free personal accident
ICICI MaxMoney Home Loans offer the unique advantage of higher
loan eligibility with a lower initial installment. One can get up
to 30% higher amount against one's current income and the
installment amount gets stepped up over the years.
ICICI SmartFix Home Loans combine the safety of fixed rates plus
the advantages of floating rates. For the first 3 years the
borrower gets a fixed interest rate and the fourth year onwards,
the loan gets switched to the prevailing floating interest rate.
ICICI Bank offers Home Improvement Loans for renovation
/refurbishment of one's home. One can avail of loan up to Rs. 50
Lakhs and the interest rate is same as that of the Home Loans. The
loan covers up to 70% of the cost of improvement and the repayment
period is 15 years.