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Banks have been giving out home loans since more than 20 years but sometimes your dream house can cost a little more than you might have anticipated. So, if you are looking out for a little more, then ICICI Extra Home Loan is the loan you need to opt for.
The benefits offered by the ICICI Extra Home Loan:
Enhanced Loan Amount: If you are in need of some extra loan money, ICICI offers the home loan borrower 20% extra cash.
Extended Duration: The borrower’s maximum age should be 67 at the time of loan maturity.
Dual Advantage: The bank offers two advantages to the loan borrower. First, being improved affordability and the second a longer repayment period.
Note: For safety purposes, the Bank asks the home loan borrower for a mortgage guarantee against the enhancement in loan or while offering an extended repayment period.
Self-employed: If the customer is self-employed then this loan is the best one to opt for. Due to its flexible terms and conditions, it allows the customer to pay a higher amount for a few months to repay the loan faster. A self-employed customer usually earns a higher income for a few months during its season time and hence, this loan is perfect for him/her.
Middle age, salaried: If the customer is middle aged, that is up to 48 years, this loan helps him/her with a longer repayment schedule. The customer can pay the loan till he/she is 67 years of age.
Young age, salaried: If the customer is up to 37 years of age, he/she gets a much longer repayment schedule. He/she can pay off the loan till they are the age of 67, which means that they can opt for a home loan that has a repayment duration of 30 years.
Let’s take a look at a concise table that lists the eligibility criteria while opting for the ICICI Extra Home Loan:
1. If the home loan borrower opts for the extra home loan, then there is a fee of 1.5%-2.5% for the higher/extra home loan. These fees are usually charged if the customer is self-employed, because the risk is that much higher. These are called the Guarantee fees.
Self Employed: 2.3% of Home Loan amount
Young Salaried Borrower: 2.1% of Home Loan amount
Middle Age Salaried Borrower: 1.53% of Home Loan amount
2. The actual financial impact will vary from case to case depending on the home loan tenure, interest rate, loan amount, EMI, risk profile, income etc. The guarantee fee as a percentage of the extra amount is usually high if the difference between home loan eligibility and the requirement is small. This makes the cost of borrowing very high.
3. ICICI Bank offers a loan to value ratio of 80% as per the RBI guidelines. Hence, even though the home loan offer says that it offers extra home loan, the loan borrower needs to shell out or arrange the 20% of the cost of the home by himself/herself.
4. Stamp duty and registration charges must be arranged from the customer’s own fund sources.
1. According to the ICICI Bank’s Extra Home Loan, till what age am I eligible to get a home loan?
According to the ICICI Bank’s Extra Home Loan, you can get a home loan up to 37 years of age. This allows you to pay off the loan till you are 67 years of age. (Ideally, the home loan tenure for repayment is 30 years).
2. How is the guarantee fee calculated?
Guarantee fee is calculated on the total home loan amount instead of just the extra loan amount issued by the bank.
For Self Employed: 12.63%
Young Salaried Borrower: 58.41%
Middle age Salaried Borrower: 14%
3. How does the bank guarantee that you will repay your loan post your retirement age?
The bank doesn’t bother to checking if you can make the loan payments post 60 years of age. If you are unable to pay the loan amount, the bank forfeits the mortgage deposit that has been given to them while lending the loan.
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