| Option of Fixed and Floating
Interest Rates |
With us, you have an option
of availing loans either on the basis of floating rates
or fixed rates.
Under floating rates, the interest rate is reset at
the beginning of every quarter, i.e 1st January, 1st
April, 1st July and 1st October. The rate is reset with
reference to the ICICI Home Loan Prime Lending Rate,
prevailing as on the dates of the respective resets.
Upon the rate getting reset as above, you have an option
of either adjusting your loan installment or the loan
tenure, subject to the overall restrictions on the loan
tenure.
Under the fixed rate option, the interest rate remains
fixed over the entire tenure of the loan.
What is noteworthy is that you can switch anytime from
floating rate to fixed rate, on payment of a switching
fee of 1.5% of the outstanding loan. You can also switch
from fixed rate to floating rate on payment of a switching
fee of 0.5% of the outstanding loan.
As you can see, with us you enjoy complete flexibility
on interest structuring. |
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