ICICI Bank launches ‘Extraa Home Loans’ Mortgage Guarantee backed loans

By Accommodation Times

chanda-kochar-iciciICICI Bank one of the leading banks of the country launches a new scheme for home buyers, ‘Extraa Home Loans’, the scheme allows a the buyer to enhance the loan amount by up to 20% and also provides the option to extend the repayment period up to 67 years of age.

‘ICICI Bank Extraa Home Loans’ empowers the customers with the dual advantage of improved affordability and a longer repayment period.

ICICI Bank is the first bank to initiate this step, they have launched this scheme in association with India Mortgage Guarantee Corporation (IMGC). IMGC is a joint venture between National Housing Bank (NHB), an RBI subsidiary which regulates Home Finance Companies in India; NYSE-listed Genworth Financial Inc., a Fortune 500 company; International Finance Corporation (IFC) and Asian Development Bank (ADB).

Speaking at the launch, Chanda Kochhar, MD & CEO, ICICI Bank said: “ICICI Bank has pioneered and popularised many innovative solutions in the banking industry in India. The launch of the country’s first ‘Mortgage Guarantee’ backed home loan is yet another example. We foresee that a young population and rapid urbanization will lead to the emergence of enormous demand for affordable housing in Tier II and Tier III cities.

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