In times like these when housing finance gets dearer, industry leader ICICI continues to shield its customer from incurring the wrath of RBI diktat instructing banks not to include stamp duty, registration charges etc in the home loan extended to the customers. Acquiring something that can be called as Home has been and is still a dream of not only the well-offs, but also of those belonging to middle and/or lower segments of the society. Property prices are on an all time high causing the customers shy away from making any buying decisions and applying for a home loan.
However, ICICI does understand such apprehensions of prospective home buyers and hence provides them with finance support. With an easy banking process, less documentation and doorstep services at each stage of loan processing, the bank has found resonance with many who believe in its emphatic approach. Getting into the customers shoe is what ICICI has always believed in and hence it strives continuously to provide customized loan solutions to its customers, based on their specific requirements.
While on a home loan vendor hunt, apart from brand name and credibility, what the prospective home buyers often look for is the interest rates, repayment options and the EMIs (Equated Monthly Installments). Keeping up with its tradition of providing customer-friendly options and thus enjoying their patronage, ICICI provides flexibility in repayment and EMIs in its home loan segment too. Repayment: Repayment tenure is the time period for which the loan is sanctioned. A loan can be repaid up to a maximum period of 20 years or the age of retirement of the applicant, whichever is earlier.
ICICI Home Loan EMI which combines the principal and interest component may start after the disbursal of final loan installment. ICICI Home Loan EMIs are famous for their easy and flexible nature that unlike other bank options doesnt go heavy on the customers pockets. Known for the cooperation and understanding they extend to their customers, ICICI EMIs can be paid through Post Dated Cheques (PDCs) or Electronic Clearance System (ECS). In case the customer prefers the PDC method, 36 PDCs, dated on the 1st of every month have to be provided.
This is where the flexibility part comes in wherein the bank provides the liberty of dating the cheques to 10th of every month in case the customer receives his/her salary later than 1st of every month. As loan requirement and repaying capacity may differ with each prospective buyer, the bank provides an interactive ICICI Home Loan EMI Calculator which lets the customer arrive at his/her EMI figure after inputting some key information pertaining to his loan requirement. To compute the EMI amount, one needs to provide the desired loan amount, suitable rate of interest and the number of years in which he will be able to pay back the loan. With the availability of ICICI Home Loan EMI Calculator, prospective home buyers/loan applicant may get to know his/her loan EMI amount details even without having to visit the bank.
