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 them.
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 insurance.
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.
