* Subject to TDS as per the then prevailing tax laws.
(Currently, no TDS on interest up to Rs. 5,000 in a financial year).
The Company has been assigned a credit rating of "CARE
AAA (FD) (SO)" for its fixed deposits by CARE. Instruments carrying this
rating are considered to be of the best quality, carrying negligible investment
risk. This rating is issued on the credit enhancement by ICICI Limited
in the form of letter of comfort stating that ICICI Home Finance Company
Limited will continue to remain its subsidiary company and it will facilitate
ICICI Home Finance Company Limited in procuring funds to meet its Fixed
Deposit obligations.
In accordance with the Housing Finance Companies (NHB)
Directions, 1989, the depositor may opt for premature withdrawal of his
deposits after 3 months from the date of deposit.
An individual or a HUF may also avail of a loan against
his fixed deposits, from the Company, after 3 months from the date of
deposit. This loan may be for up to 75% of the deposit amount, subject
to such terms as may be specified by the Company from time to time.
The tax benefits available on these deposits are as
follows:
- No Tax Deducted at Source (TDS) on interest up to Rs. 5,000/-
- Deduction under Section 80L of the Income-tax Act, 1961 available
for interest up to Rs. 9,000/-
These fixed deposits would be accepted through the 95
ICICI Centres situated across the country and through other brokers and
agents. For the convenience of investors, ICICI Home Finance Company Limited
proposes to offer over the counter issuance of Fixed Deposit Receipts
at select ICICI Centres.
ICICI Home Finance Company Limited was incorporated
in February 1999. ICICI Home Loans are now available in 60 cities/towns
across the country. Loans are offered for purchase of new homes, purchase
of old homes and Home Improvement. Besides, ICICI Home Finance Company
Limited has also launched loans for commercial property and is offering
loans against existing property. The loans are offered for tenors upto
30 years. In the last completed year ICICI Home Finance has sanctioned
loans amounting to Rs. 1,388 crore and disbursed Rs. 677 crore.
Except for the historical information contained
herein, statements in this release which contain words or phrases such
as "will", "aim", "will likely result", "believe", "expect", "will continue",
"anticipate", "estimate", "intend", "plan", "contemplate", "seek to",
"future", "objective", "goal", "project", "should", "will pursue" and
similar expressions or variations of such expressions may constitute "forward-looking
statements". These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those suggested by the forward-looking statements. These
risks and uncertainties include, but are not limited to our ability to
successfully implement the Fixed Deposits Programme of ICICI Home Finance
Company Limited, our growth and expansion, the adequacy of our allowance
for credit losses, technological changes, investment income, cash flow
projections, our exposure to market risks as well as other risks detailed
in the reports filed by ICICI Limited with the Securities and Exchange
Commission of the United States. ICICI undertakes no obligation to update
forward-looking statements to reflect events or circumstances after the
date thereof.
For further press queries, please contact Madhvendra
Das at (+9122) - 653 6124 or e-mail: das@icici.com.