|ICICI housing finance offers easy home loans to all the customers who want to purchase or construct houses, flats or residential properties. Since its maiden venture in the housing finance segment in 1999, ICICI Bank has been engaged in an all out aggressive marketing to take the ICICI housing finance division in close proximity to the market leader HDFC and now is breathing down its neck.
ICICI Bank provides housing finances for first purchase in ready construction, under construction property, purchase in re-sale or self construction and extension of existing living space. ICICI housing finance provides a maximum loan of 85% of the total property value.
ICICI Housing Finance Company
ICICI housing finance compay caters to the residents of India whether they are Salaried or Self-Employed. Non-Resident Indians who are salaried can also avail the home loan programs of the company. To be eligible for the ICICI housing finance, the resident Indians must be at least 21 years of age at the time of loan sanction. The loan must terminate before one turns 65 years of age or before the retirement, whichever is earlier. All the applicant should have a steady source of income.
ICICI Max Money housing finance offers the unique advantage of higher loan eligibility with a lower initial installment. You can get up to 30% higher amount against your current income. ICICI SmartFlx housing finance, on the other hand, has got a combination of safety of fixed rates plus the advantages of floating rates. The borrower gets a fixed interest rate for the first 3 years and from the fourth year onwards, the loan gets switched to the prevailing floating interest rate.
ICICI also provides Home Improvement Loans to facilitate improvement of a self-owned dwelling unit to existing or new customer. One can go for the Home Improvement Loan if he wish to add or improve facilities to his dwelling unit with a loan at Home Equity Loan rate of interest. ICICI housing finance provides you loan up to 70% of cost of the improvement. A person can avail a maximum amount of Rs. 50 lacs. as House Improvement Loan and can enjoy a repayment period of up to 15 years.
ICICI Housing Finance Fixed Deposit
ICICI Housing Finance Company Ltd, a subsidiary of ICICI Limited, also offers fixed deposit programs at attractive rates for different loan terms. For example, you can avail a housing finance option at an annual interest rate of 9.75 percent against a deposit of three year term. On the other hand, if you have deposits for five or seven years, you need to pay an interest rate of 9.80 percent and 9.85 percent respectively for availing ICICI housing finance fixed deposit.