ICICI Bank, India’s largest private sector bank, announced the launch of the country’s first ‘Mortgage Guarantee’ backed loans for retail customers aspiring to purchase their first homes in the affordable housing segment.
Named ‘ICICI Bank Extraa Home Loans’, it allows a borrower to enhance the loan amount by up to 20% and also provides the option to extend the repayment period up to 67 years of age.
This initiative has been launched in association with India Mortgage Guarantee Corporation (IMGC).
Chanda Kochhar, MD & CEO, ICICI Bank said, “ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. The launch of the country’s first ‘Mortgage Guarantee’ backed home loan is yet another example. This initiative will catalyse the growth of the Indian mortgage market by giving consumers improved affordability without any incremental risks for lenders.”
Amitava Mehra, CEO, IMGC added, “As the first ‘Mortgage Guarantee’ company in India, IMGC’s endeavour is to work with lenders to provide mortgage guarantee cover and promote early home ownership. ICICI Bank is known for its continuous innovation to bring enhanced customer experience in the form of value add and ease of doing business. The arrangement reflects the confidence of the ICICI leadership in the MG product and the value it brings to their customers.”
To begin with, the ‘ICICI Bank Extraa Home Loans’ will be available at the Bank’s branches in Greater Mumbai, NCR, Bengaluru and Surat. Subsequently, it will be rolled out across the other cities in the country.
The salaried as well as self-employed individuals seeking home loans of a maximum amount of Rs 75 lakh are eligible for this loan on payment of a fee.