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ICICI Bank Limited (the Bank) is a banking company. The Bank is a diversified financial services group offering a range of banking and financial services to corporate and retail customers through a variety of delivery channels. The Bank operates in the segments: retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and others. The Bank provides a range of commercial banking and project finance products and services, including loan products, fee and commission-based products and services, deposit products and foreign exchange and derivatives products to corporations, middle market companies and small and medium enterprises in India. Its commercial banking operations for retail customers consist of retail lending and deposit taking and distribution of third party investment products. It also offers agricultural and rural banking products.
ICICI Bank was ranked first in ‘The Brand Trust Report, India Study 2016’ done by Trust Research Advisory (TRA) under the BFSI category
‘Best Retail Bank in India’ in Asia Pacific, at the Asian Banker Excellence in Retail Financial Services International Awards 2016.
‘Best Employee Engagement Initiative’ Middle-East and Africa at the Asian Banker Excellence in Retail Financial Services International Awards 2016
IBA Banking Technology Awards 2016 in the category of 'The Best Use of Technology to Enhance Customer Experience'
ICICI Bank won the 'Global Safety Awards 2016' organised by The Energy and Environment Foundation
ICICI Bank won ‘Best Private Sector Bank’ under ‘Global Business’ category at the ‘Dun & Bradstreet Banking Awards 2015
For Construction of a New House
For Purchase of Dream Home
For Interiors of Home
Purchase of Open Land
To Buy an Apartment
To Purchase a New Villa
Construction of Commercial Building
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
The Banks/Financial Institutes takes care about the following, when you apply for a ICICI Bank Home Loan.
|ICICI Bank Home Loans||Mortgage Loan|
|Home loan can be availed for own/purchase of new property (Home or Flat).||Mortgage loans will be provided based on already owned property.|
|Under ICICI Bank Home Loan, loan can be availed only for purchase of new property.||There is no restriction on mortgage loan usage. It can be used for any purpose.|
|Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also.||Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.|
|ICICI Bank Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition.||Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.|
|ICICI Bank Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000.||If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines.|
|Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite.||Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.|
|There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds.||There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.|
|Part pre Payments will be allowed in Housing Loans.||There were no part prepayment will be allowed for Mortgage loans.|
|Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives.||Mortgage loans also avail with the joint eligibility as company and director or blood relatives.|
|You can avail max of 80% of the property value as a home loan as per your eligibility criteria.||In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.|
|You can avail a top loan facility on your home loan.||Top up facility will be vary from bank to bank internal guidelines.|
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