ICICI bank recently launched the country's first ‘Mortgage Guarantee' backed loans for the customers for their first homes in the affordable housing segment.
ICICI Bank Extraa Home Loans allow you to enhance your loan amount by up to 20 per cent and also provide you an option to extend the repayment period up to 67 years of age.
This home loan provides the dual advantage of improved affordability and a longer repayment period.The enhancement in loan/repayment period is backed by Mortgage Guarantee.
Here are three unique features of ICICI Bank Extraa Home Loans
1) For middle age, salaried customers
Suitable for salaried borrowers up to 48 years of age. While with regular home loan, you get a repayment schedule until the age of retirement, with this facility you may now extend the loan tenure up to 65 years of age.
2) Self employed customers
This is also suitable for self-employed customers who earn higher income in some months of the year, given the seasonality of the business.
3) For young, salaried customers
The salaried borrowers up to 37 years of age are eligible to avail a 30-year home loan with repayment tenure till 67 years of age.
The facility is currently offered in Greater Mumbai, National Capital Region, Bengaluru and Surat. ICICI Bank Extraa Home Loans is available in three variants designed to address the needs of a wide range of customers.
ICICI Bank Extraa Home Loans are offered in association with Indian Mortgage Guarantee Corporation (IMGC), a joint venture between National Housing Bank, Genworth Financial Inc., Asian Development Bank and International Finance Corporation.