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Want to purchase a new home? See how you can benefit from this home loan product

The extraa home loan facility allows you to enhance your loan amount by up to 20 percent and also provide you an option to extend the repayment period up to 67 years of age.

Zee Media Bureau

New Delhi: ICICI Bank has recently announced the launch of the country’s first ‘Mortgage Guarantee’ backed home loans for retail customers aspiring to purchase their first home in the affordable housing segment.

The ICICI Bank extraa home loan facility allows you to enhance your loan amount by up to 20 percent and also provide you an option to extend the repayment period up to 67 years of age. This facility provides the dual advantage of improved affordability and a longer repayment period. The enhancement in loan/repayment period is backed by Mortgage Guarantee.

The facility is currently offered in Greater Mumbai, National Capital Region, Bengaluru and Surat.

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

Self Employed customers: Suitable for self-employed customers who earn higher income in some months of the year, given the seasonality of the business they are in

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

Benefits

Higher loan eligibility: Customers can enhance the loan amount by up to 20% enabling purchase of a bigger house

Longer tenure and lower EMI: It offers the customers an option to extend the repayment period up to 67 years of age giving him longer repayment period and also is available for customers meeting minimum threshold criteria.