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ICICI Bank Extraa Home Loans

ICICI Bank Extraa Home Loans allow you to enhance your loan amount by up to 20% and also provide you an option to extend the repayment period up to 67 years of age. This facility provides the dual advantage of improved affordability and a longer repayment period. The enhancement in loan/repayment period is backed by Mortgage Guarantee.

Extended loan tenure Eligible customers Enhanced loan eligibility High loan amount

Extended loan tenure

Eligible customers

Enhanced loan eligibility

High loan amount

Repayment up to 67 years of age

Salaried and self-employed borrowers

Get increased loan amount up to 20%

Avail of loan amount up to Rs 2 crore

Who Can Avail

The facility is currently offered in Greater Mumbai, National Capital Region, Bengaluru and Surat. ICICI Bank Extraa Home Loans is available in three variants designed to address the needs of a wide range of customers:

A. For middle age, salaried customers:

Suitable for salaried borrowers up to 48 years of age. While with regular home loan, you get a repayment schedule until the age of retirement, with this facility you may now extend the loan tenure up to 65 years of age.

Illustration

  • Mr. Raj Mehta, aged 47 years, aspires to buy a 2 BHK house worth Rs. 65 lakh. Mr Mehta has a family with two children, lives in Mumbai and has a monthly gross Income of Rs. 75,000.
  • He has accumulated Rs. 21 lakh for his own contribution. When he applies for a home loan, bank sanctions a loan of only Rs. 39 lakh with an EMI of Rs. 45,000 and 13-year tenure till 60 years of age. He faces a gap of Rs. 5 lakh to buy his dream house!

With Extraa Home Loans

  • He gets a higher loan of Rs. 45.5 lakh (increase of 17%) with the same EMI Longer repayment tenure of 18 years till 65 years
  • He pays a guarantee fee of Rs. 70,000 Mr. Mehta is now a relieved man and on his way to buy his dream home.

B. Self Employed customers

Suitable for self-employed customers who earn higher income in some months of the year, given the seasonality of the business they are in.

Illustration

  • Mr. Ajay Sharma, aged 44 years, is a synthetic garment trader in Surat and aspires to buy a 3 BHK house worth Rs. 74 lakh. Mr. Sharma earns Rs. 80,000 on an average per month with his seasonal business. He stays with his family of two growing sons and a wife.
  • He has accumulated Rs. 17 lakh for his own contribution. When he applies for a home loan, the bank sanctions a loan of only Rs. 47.5 lakh with an EMI of Rs. 52,000 and seasonality of his business is considered. He faces a gap of Rs. 9.5 lakh to buy his dream house!

With Extraa Home Loans

  • Gets a loan of Rs. 57 lakh approved at a guarantee fee of Rs. 1.2 lakh. He is able to increase his eligibility by 20%
  • He is ecstatic and satisfied that his dream is finally coming to life.

C. For young, salaried customers

The salaried borrowers up to 37 years of age are eligible to avail a 30-year home loan with repayment tenure till 67 years of age.

Illustration

  • Ms. Sneha Gupta is 37 years old and aspires to buy an apartment worth Rs. 35 lakh in Bangalore. She earns Rs. 40,000 per month and stays with her husband.
  • She saves Rs. 8 lakh using up all her resources of Employee Provident Fund and a loan from the family for her own contribution. When she applies for a home loan, the bank sanctions only Rs. 26 lakh with an EMI of Rs. 24,000 and a 23-year tenure till 60 years of age. She faces a gap of Rs. 1 lakh to buy her dream house!

With Extraa Home Loans

  • She gets an extended tenure of 30 years, which she can now pay till the age of 67 years EMI remains the same
  • Loan increases to Rs. 27.7 lakh at a guarantee fee of Rs. 58,414
  • She is now dreaming of her new life in her own home.

ICICI Bank Extraa Home Loans are offered in association with Indian Mortgage Guarantee Corporation (IMGC), a joint venture between National Housing Bank, Genworth Financial Inc., Asian Development Bank and International Finance Corporation.

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