Since making its maiden venture in the home loan segment in 1999, ICICI Bank has been breathing down the neck of market leader HDFC with its aggressive marketing strategy. Quality and value-added service - rather than interest rate - have been the hallmark of ICICI with the company capitalizing on the absence of `door delivery' for housing loans. In a marked shift from the existing industry norms, ICICI carved a niche for itself by going to the potential borrower rather than waiting for him to come to them.

ICICI offers you the most convenient home loan plans to suit your needs. With so many attractive features in every type of home loan we offer, creating the home you always wanted is no longer a distant dream. ICICI Bank offers easy home loans for ,

• First Purchase in ready construction
• Under construction property
• Purchase in re-sale
• Self construction - extension of existing living space

The following are the features of ICICI Bank Home Loans

Features:

• Attractive loan interest rates
• Guidance through out the process
• Home loan amounts suited to your needs
• Home Loan tenure upto 20 years
• Simplified Documentation
• Doorstep Service
• Attractive interest rates
• Sanction approval without having selected a property.
• Free Personal Accident Insurance (Terms & Conditions)
• Insurance options for your home loan at attractive premium

Eligibility Norms for Home Loans.

Home Loans can be availed by Resident Indian whether Salaried or Self-Employed and also by Non- Resident Indian who are Salaried. For resident Indians the following are the eligibility norms

• You must be at least 21 years of age when the loan is sanctioned.
• The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
• You must be employed or self-employed with a regular source of income.

Floating Reference Rate (FRR)

Interest rate on ICICI Bank Home Loans is linked to the ICICI Bank Floating Reference Rate (FRR/PLR). ICICI Bank FRR has been reduced by 50 basis points (i.e. 0.50%) with effect from December 31, 2008. Thus the FRR has been reduced from 14.25% to 13.75%. ICICI Bank PLR has also been reduced by 50 basis points (i.e. 0.50%) with effect from December 31, 2008. Thus the PLR has changed from16.25% to 15.75%.
Accordingly, the Home Loan floating rate of interest has been reduced by 0.5% (50 basis ponits).

Loan Amount

The home loan amount depends on your repayment capability and is restricted to a maximum of 85% of the cost of the property or the cost of construction as applicable.

Description of Charges	Home Loans
Loan Processing Charges / Renewal Charges	Home Loans: 0.5% of loan amount as Administrative fee or Rs.2,000, whichever is higher. Loan Overdraft against property or office premises: 1% of loan amount or Rs.2,000, whichever is higher. Fees are non–refundable.
Prepayment Charges	2 % on the principal outstanding on full prepayment
Charges for late payment (loans)	Home Loans : 2% per month Home OD : 1.5% of the outstanding amount subject to minimum of Rs. 500/- & Maximum of Rs.5000/-
Interest rate swiping charges	1.75% on principal outstanding