ICICI bank rolls out mortgage backed loans
The bank had tied up with India Mortgage Guarantee Corporation (IMGC), which will guarantee the incremental risk
By : DC Correspondent
Update: 2015-08-27 01:38 GMT
Mumbai: ICICI Bank, India’s largest private sector lender on Wednesday launched the country’s first mortgage guarantee backed home loans for retail investors, which allows the borrowers to enhance the loan amount by upto 20 per cent and also provides the option to extend the repayment period upto 67 years of age.
The bank had tied up with India Mortgage Guarantee Corporation (IMGC), which will guarantee the incremental risk. The salaried as well as self-employed individuals seeking home loans of a maximum amount of Rs 75 lakh are eligible for this loan on payment of an upfront fee. “The fee will depend on the age of the borrower, extension in tenure, the nature of her income and the loan-to-value ratio,” said Rajiv Sabharwal, ED, ICICI Bank.