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ICICI announces 0.25% cut in Home Loan rates

ICICI Home Finance Company Limited today announced an interest rate reduction of 0.25% on its key products with effect from January 7, 2002. The Company also announced a reduction in its processing and administration fee to 1% from 1.8% for resident Indians and to 1.25% from 2% for non-Resident Indians. This change will be with effect from January 10, 2002 until which time the customers will continue to avail the special rate of only 0.8% under the special festival offer.

What's so unique about ICICI Home Loans?

Attractive interest rates Door-step service from enquiry stage till final disbursement No guarantor required Can transfer your existing high-interest rate loan No charges for part-prepayment Free accidental death insurance Loan tenures stretching up to 30 years Special 100% funding for select properties Legal due diligence to ensure clear title to property with no additional cost to customer Higher eligibility for self-employed professionals through segment-specific schemes High installment-to-income ratio for self-employed non-professionals offered where loan-to-property value is low

Reasons why you must consider an ICICI Home Loan

In addition to a host of other features, here are three great reasons why every home loan seeker should consider ICICI Home Finance.

You can take a loan to replace an existing one

Interest rates on home loans have come down considerably in the last few years. Individuals who opted for housing loans in the years gone by, are still servicing them at 17% to 21% per annum. Quite a price to pay, since one can get a loan today for around 12% per annum. In such a case, you can opt for a balance transfer. Under this scheme, customers can replace their existing old high interest loan by a cheaper (equal to applicable current rates) loan. ICICI Home Finance will not only finance the balance amount of outstanding loan but also your prepayment charges to the old housing finance company.

The result :

	A lower EMI with the same tenure
	A reduced tenure with the same EMI
	A reduced tenure and EMI
	The same EMI and tenure but an additional amount as a loan

No charge on part-prepayment

You may be expecting a windfall or inheritance in the near future. Or, even planning on selling some property or assets whose proceeds you can use to pay off this loan. It could also be the case that your income increases considerably and you would want to prepay at least a part of the loan.

Most housing finance companies will charge you for prepayment. This prepayment penalty amounts to around 2% of the amount being prepaid.

ICICI Home Finance does not levy a charge on part-prepayment. So, if there is a high probability that you will be able to at least part-prepay your loan, then you should consider a loan from a housing finance institution that does not charge you for doing so.

When you do prepay, you will get an option on whether you would like to reduce the EMI or the tenure.

No charge on part-prepayment

ICICI Home Finance offers a free accidental death cover at absolutely no extra cost. This is extremely beneficial and protects both, your home and your family.

Should you meet with an accident that results in death, your family will not face any problem concerning the loan repayment. The entire loan will be repaid out of the insurance cover and they will not have to contend with any EMI payments.