Select Page

ICICI offers a host of home loan options that can be tailor made to suit individual needs. With advantages like simplified documentation, usage of tablet and smartphones, getting a home loan sanctioned has become very easy  The advantages of ICICI’s services are identified as attractive floating and fixed interest rates options, higher loan eligibility, longer tenure and lower Equal Monthly Installments, loan sanction possible before selecting the property, doorstep service, and simplified documentation.

Website Accessibility and Clarity

The ICICI website is very detailed and descriptive. The language they use, however, is definitely only designed for a mathematician or an accountant. Under the very clear label “Service Charges and Fees (nonrefundable) is this information,”0.50% – 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge” This is not a real attempt at transparency but rather the illusion of transparency. The organization and basic information is not unclear, but not especially explanatory. Remember, all retail home loan companies charge you for the privilege of their expertise and service in setting up, evaluating and processing the loan application. There is some hint about the “cost” of the loan from the percentage difference between the interest rate and the APR – since the APR is legally required and must be provided to account for the lending institution’s charges, although not all charges are required to be included. Finding out what those costs are is very relevant to your eventual financial obligation and more importantly how much upfront money it costs to get the loan.

Specializing in Speed and Technology

This company seems interested in clients who might not necessarily be able to get a conventional loan or a government sponsored loan. They may just be nerds and just bad at communicating, but it’s probably worth proceeding cautiously.