ICICI unveils first guarantee backed home loan
ICICI Bank has launched the country's first mortgage guarantee-backed home loan product that will expand the credit amount and increase the tenure for an additional fee.
It will help customers raise the eligible amount by up to 20% and increase the tenure by up to seven years.
ICICI Bank Extraa Home Loans can be availed only after paying a one-time mortgage guarantee fee to be paid at the start. The fee will depend on the age of the borrower, extension in tenure, the nature of her income--whether she is salaried or self-employed--and the loan to-value ratio.
It will be up to 2% of the overall loan, including the incremental component.
The product has been launched in association with the India Mortgage Guarantee Corporation, which will guarantee the incremental risk.
The product is targeted at middleaged individuals and the self-employed, senior officials said.
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