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Home Loan Repayment Terms
In our endeavor to make taking a Home Loan an easy process for you, we at ICICI Bank address all your queries about the repayment terms of Loans with respect to tenure, home loan EMIs, methods of home loan EMI payments and pre-EMI interest.
What is the repayment tenure?
Repayment tenure is the tenure for the number
of year for which the loan gets sanctioned. We offer you a wide range of
options for the tenure of the loan. You can take a home loan for up to
20 years provided you do not reach the age of 65 years or retire within
that period.
How is the loan repaid?
All loan repayments are done via equated monthly installments (EMI).
What is an EMI?
An EMI refers to an equated monthly
installment. It is a fixed amount which you pay every month towards your
loan. It comprises of both, principal repayment and interest payment.
When does the repayment start?
EMI payments start from the month following the month in which the full disbursement has been made.
How is the EMI paid?
The EMI is to be paid every month through
post-dated cheques (PDCs) or Electronic Clearing System (ECS)*. If you
are opting for PDCs, then you will have to provide 36 PDCs upfront. The
PDCs are to be dated on the 1st of every month. However, if you receive
your salary a few days later, we provide the flexibility of dating the
cheques for the 10th of the month. In case you have an ICICI Savings
account you can also go in for the facility of Auto Debit.
* ECS facility is available in selected cities only
What if a PDC bounces?
In the case of a bounced cheque or delayed
payment, charges and outstanding dues will be charged as per the
prevailing company policy. You can replace old PDCs with new ones within
5 - 7 working days.
What is pre-EMI interest?
In the case of part disbursement of the loan,
monthly interest is payable only on the disbursed amount. This interest
is called pre-EMI interest (PEMI) and is payable monthly till the final
disbursement is made, after which the EMIs would commence.
When do I pay PEMIs?
The first PEMI is payable by cheque by the
end of the month in which the disbursement is made and each subsequent
PEMI at the end of every month till the commencement of EMI. In case you
have an ICICI Savings account you can also go in for the facility of
Auto Debit.
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