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ICICI Bank Extraa Home Loan - Product Details


By Ajay Saptaputre | October 25, 2017

If you have a dream to buy a house then you may make this dream come true with the help of a home loan from a bank or an NBFC. How much loan will be available to you will depend upon various factors like your income, age, credit score, credit history, value of the property, etc.

Home Loan Lenders usually provide home loan upto 80% to 90% value of the property to be purchased. The loan tenure is decided taking in account your age and maximum term for which the lender provides the loan (say for max. 30 years).



ICICI has come up with a unique product called "ICICI Bank Extraa Home Loan" which is India's first Mortgage Guarantee-backed home loans for first-time borrowers in the affordable housing segment. It offers dual advantage of improved affordability and a longer repayment period. It means that borrower can now increase the loan amount by up to 20% of the original amount (as per his/ her eligibility) and can also extend the repayment tenure up to 67 years of age. ICICI Bank Extraa Home Loan - Product Detail has been given below so that the borrower can understand this unique scheme completely.

ICICI Bank Extraa Home Loan - Product Detail

ICICI Bank Extraa Home Loan is a Mortgage Guarantee-backed home loan for which the ICICI bank has tied up with India Mortgage Guarantee Corp. (IMGC). It means that whenever the borrower avails a higher loan amount by the bank, this extra loan amount gets covered by IMGC. For this IMGC charges a fee that the borrower needs to pay which is generally 1% to 2% of the loan amount.

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What Extra you get in ICICI Bank Extraa Home Loan?

  1. You can enhance your loan amount by up to 20%
  2. get an option to extend the repayment period up to 67 years of age

However, the maximum loan size is Rs.75 lakhs and maximum loan tenure is 30 years. Further, this loan can be taken for first home purchase only.

In which places ICICI Bank Extraa Home Loan Facility is available?

The facility is currently offered in following places:

  1. Greater Mumbai
  2. National Capital Region NCR)
  3. Bengaluru
  4. Surat

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Different Variants of ICICI Bank Extraa Home Loan

There are 3 different Variants of ICICI Bank Extraa Home Loan which are as follows:

  1. For middle age, salaried customers
    • Borrowers should be salaried
    • Borrowers aged upto 48 years
    • Borrowers can extend the loan tenure up to 65 years of age
  2. Self Employed customers
    • Borrowers who have seasonal income i.e. who earn higher income in some months of the year
  3. For young, salaried customers
    • Borrowers should be salaried
    • Borrowers up to 37 years of age
    • Can avail a 30-year home loan with repayment tenure till 67 years of age

A win-win-win situation for ICICI Bank, the Borrower and Mortgage Guarantee Corp. (IMGC)

ICICI Bank Extraa Home Loan is a win-win-win situation for the bank, the borrower and Mortgage Guarantee Corp. (IMGC). See HOW?:

  1. Benefit to borrower
    • Loan amount is enhanced by 20%
    • Loan tenure is also enhanced by 7 years
  2. Benefit to the bank
    • More amount of loan is disbursed due to enhance limit
    • No risk involved on providing extra loan as the risk is backed by India Mortgage Guarantee Corp. (IMGC)
    • The fee for getting extra loan is paid by the borrowers themselves, hence no burden on the bank
  3. Benefit to India Mortgage Guarantee Corp. (IMGC)
    • Income in the form of guarantee fee is earned
    • Loan is a Mortgage Guarantee-backed home loan; hence if any borrower doesn't pay the lender back, the bank can take over the property and auction it to recover dues

Disadvantages of ICICI Bank Extraa Home Loan

  • This is available only in four places i.e. Greater Mumbai, National Capital Region, Bengaluru and Surat.
  • The guarantee fee is charged on the full loan amount in spite of on the enhanced amount. Hence it is very high.

Interested to know Home Loan Scheme of ICICI Bank

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About Ajay Saptaputre
Ajay Saptaputre is a Co-Founder of CodeForBanks.com, Techstikers.com and Distancelatlong.com. Ajay Saptaputre is the founder of three web portals - CodeForBanks, best marketplace for banking solutions; Techstikers, one of the largest technology web developer sites and Distancelatlong, the largest tool for calculating latlong, distance between countries & cities on map.
Ajay is a serial entrepreneur, Internet visionary and has very successfully managed to build CodeForBanks one of the largest marketplaces for personal finance in India. Having worked in the Software Industry for over 12 years, Ajay has rich experience in the search engine optimization, digital marketing, global Internet and E-commerce industry.
In January 2017, Ajay started CodeForBanks, best marketplace for personal finance for comparing and selecting the best banking product. Ajay is Masters in Computer Management.
 

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