ICICI Bank Step Up Home Loan - Product Details
By Anupama Deshpande | October 27, 2017

Every person has some imagination of his/ her "Dream House" in his/ her mind. He/ she wants to make his/ her dream come true sooner or later. Owning a house is one of the biggest expenses of our lives. Banks and NBFCs offer home loans at very attractive interest rates. You can have your dream house with the help of a home loan.

If you have found your dream house but you are short of some amount as your home loan eligibility is for lesser amount, don't settle for smaller house because ICICI Bank has come up with a scheme of Step Up Home Loan which offers you greater than the normal eligible loan amount.

ICICI Bank Step Up Home Loan a home loan given on a case-to-case basis on an assumption that the borrower's salary would increase by a certain percentage annually in the future. In this scheme, the loan amount will be calculated on the basis of increase in income rather than borrower's existing salary. Hence, the loan amount is greater than the normal eligible loan amount.

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The facility is suitable to the following persons:

1. Young person below the age of 40 years
2. One who has good professional qualifications
3. Working in an industry/ sector that has very bright future
4. One who has a good past credit background

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To be eligible for this product, the borrower:

1. Should be working with select corporates as identified by ICICI Bank
2. Should have a minimum salary of Rs 20,000 per month
3. Should not be more than 40 years old

With the help of following factors, ICICI bank decides how much the salary package might increase each year:

• income
• Borrower's past credit background
• Borrower's educational qualifications
• Some other factors

Repayment Schedule is as follows:

1. Initial Term (for first 3 to 5 years): You need to pay interest only
2. Balance Term: You need to pay both interest and principal

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1. People can opt for a higher loan than they are entitled to take
2. It has a structured re-payment facility where the borrower can choose & decide whether he/ she wants to pay a higher EMI in the initial term of the loan tenure or in the balance term

1. ICICI Bank Step Up Home Loan is not available to self-employed
2. If the borrower has an existing home loan, he/ she is not eligible for step-up repayment facility
3. Borrower should not be more than 40 years old while applying for this scheme
4. Prepayment of loan is not possible during the initial term

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