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ICICI Home Loans

Needing no introduction, it is a well-known fact that ICICI Bank is India’s largest private sector bank as on date. Promoted in the year 1994 by ICICI Limited, also a behemoth in the Indian banking and financial services (BFSI) sector then, the Bank has grown in leaps and bounds since, firmly cementing its position in the industry.

Expanding its business to include home loans, ICICI Home Finance Company Limited (or ICICI HFC) has made a mark in the sectors of mortgages as well as realty.

Company brief

Today, ICICI Home Finance Company Limited (or ICICI HFC) has come a long way since inception and is a leader in their own right, offering a wide range of home loan products as well as property solutions.

What sets them apart?

Built on a legacy of trust, ICICI Bank and HFC offer high levels of customer service and transparency in their processes, making them a preferred partner of choice in a borrower’s search for home loan finance.

Geographic spread

ICICI Bank has an extensive network of over 2755 branches in India and also offers its home loan products via its Direct Sales Agent (DSA) network.

Globally, the Bank is present in 19 countries, including India and serves a large NRI borrower base as well.

Product information

Let us take a look at the various home loan products available at ICICI to suit every borrower’s needs:

  • Home loans, which includes finance for both new homes as well as resale (or pre-owned) properties. A borrower can choose from a range of options that provide competitive interest rates and other terms.
  • Balance transfer, to move an existing loan to ICICI HFC.
  • Loan against property, which is to help individuals finance their requirements without having to liquidate existing property.
  • Home improvement loan, which can be availed of to refurbish your existing home. This includes undertaking painting, plumbing and tiling work etc.
  • Land loan, which allows a borrower to purchase a residential plot to construct their home.
  • Office premises loan, which is targeted at those individuals who wish to purchase, construct or expand their office premises.
  • Top-up loan, which is suitable to finance a borrower’s personal requirements, disbursed against your existing property (kept as collateral).
  • EMI under construction loan, should you invest in a property that is under construction. In this case, the loan would be disbursed in tranches upon demand.

In addition ICICI Bank also offers the below mentioned unique products:

  • ICICI Bank Extraa Home Loans – This facility allows the borrower to increase their existing loan amount by 20 percent, as well as the repayment period up to the age of 67. This is a win-win combination that helps individuals in the later stages of life to realise their dream of owning a home as well.
  • Home loans for women, at lower interest rates and better pricing overall.
  • Saral Rural Housing loan, to empower women borrowers in rural and semi-urban areas as well as in the weaker sections of society.
  • Loans for NRIs and PIOs offer customised loan solutions with flexibility in repayment as well as doorstep service in India until such time that the loan is disbursed.
  • The Construction Finance Group of ICICI Home Finance caters to the developer community by providing finance to develop projects.
Loan application process

In addition to the traditional practice of contacting the branch either telephonically or by visiting a branch to avail of a home loan, ICICI Bank has launched two new home loan products, with a bid to expand their digital business arm.

The first is Express Home Loans, an Internet-based web portal that provides a sanction upon online submission of a loan application and some basic documentation within 8 hours from application. This facility has been thrown open to both existing as well as non-ICICI Bank customers.

The second development is the iLoans mobile application, which allows the Bank’s existing customer base to apply for a loan at their convenience, 24*7, on their smartphones.

For existing loan account holders, there is online access to your account that allows you to transact at your convenience.

Company financials

As per data released by ICICI Bank, as at March 31, 2016 the Bank held assets worth Rs. 7,206.95 billion, and the profit after tax was Rs. 97.26 billion.

As of January 2016, the Bank announced that its mortgage business had crossed Rs. 1 trillion in disbursals. This benchmark is the first for an Indian private sector bank. The Bank further stated that their mortgages segment has been steadily increasing and shows a year-on-year growth of about 25 percent, of which 50 percent of home loans are disbursed to existing ICICI Bank customers. The average ticket size (of loan disbursal) stands at approximately Rs. 35 lacs.

Additional information

For those looking at purchasing their dream home, ICICI Bank offers a comprehensive list of housing projects that have been pre-approved by them, after due diligence. This makes the search for your home faster, simpler and the best of you – you are likely to get a better, safer deal since all the groundwork and checks are done by the Bank using stringent processes and methods.

You can also choose to avail of home loan insurance from the Bank to purchase your prized asset in the unexpected occurrence of an unfortunate event.

For a complete experience, ICICI Home Search on the website (ICICI Home Finance Company Limited) is your one-stop shop for everything related to becoming a proud home owner.

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