ICICI bank home loan india
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ICICI Bank sells 45% bad home loans to Arcil
First step in creating market for sticky retail lending.
ICICI Bank, the country's second largest bank, has sold roughly 45 per cent of its sticky home loans to the Asset Reconstruction Company India Ltd (Arcil) in a first step towards creating a market for retail loans that have turned bad.ICICI Bank sold Rs 360 crore of non-performing home loans at a price around the book cost, confirmed Rajiv Sabharwal, senior general manager, ICICI Bank.The home loans sold are a mix of loans ranging from Rs 15 lakh to Rs 20 lakh. The lender here gets a value net of the provisions on the book.Loan your Dream home with ICICI festival Mela
A day after reducing interest rates on fresh floating home loans by half a per cent, ICICI Bank today cut interest rates on auto and other retail loans by 0.25-0.5 per cent with immediate effect.
"We are reducing the interest rates on auto and personal loans by 0.25-0.5 per cent," ICICI Bank executive director, Mr V Vaidyanathan said.The reduced rates will be applicable on all fresh loans till 31 October."The reduction in interest rates on auto and other retail loans will be on select categories or vehicle models and not across the board," Mr Vaidyanathan said.Yesterday, under a festive offer, the bank had cut interest rates on fresh floating home loans by 0.5 per cent to 11 per cent with immediate effect.
"As a festive offer we have reduced the floating interest rates on fresh mortgage loans by 0.5 per cent till 31 October and are looking at further development on the cost of funds," he said.The cut in interest rates comes close to India's largest lender State Bank of India reducing interest rates on home, auto and personal loans by 0.5-1 per cent.ICICI Home Loan News...
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Hindu Business Line SBI weighs extending home loan scheme Economic Times MUMBAI: India's largest bank — State Bank of India, which launched a special home loan scheme in February this year to woo home buyers by offering the ... 8% home loan scheme to stay: SBIBusiness Standard SBI to review special home loan scheme on Nov 5Hindu Business Line SBI home loan offer to stayCalcutta Telegraph mydigitalfc.com -Myiris.com -Rupee Times all 103 news articles » - 2 weeks ago
ICICI Bank home loans down 500 bps in Q1
With real estate prices shooting up, ICICI Bank has witnessed a slowdown in its home loans during the first quarter of the year.
"With credit growth slowing down, home loan growth has also shown some softness. During the first quarter, home loans have registered a 20 per cent growth compared with 25 per cent growth last year," said Rajiv Sabharwal, head of retail assets with ICICI Bank.However, the country's most aggressive player in home loans, ICICI Bank expects its home loan growth rate to remain flat at around 20-22 per cent during 2007-08 compared with a year ago.Sabharwal did not comment on whether the bank plans of reducing retail lending rates. "We will wait till the Reserve Bank of India reviews its credit policy in October and then decide on the same," he said.ICICI Bank to raise over $6 billion
ICICI Bank needs to raise over $6 billion (Rs 244 billion) overseas in the current financial year to fund its international business, said Deputy Managing Director Chanda Kochhar.
"The need for resources is pretty large. Therefore internationally, even today our strategy is not just asset-based, it's quite focussed on liabilities also," Kochhar told in an interview to NewsWire18."Last year (2006-07), the bank raised $6 billion, but this year it's going to be more than that because our growth itself is more." The two major sources of raising resources overseas are debt issuances and retail deposits, she said. Recently, the bank raised $1.5 billion (Rs 61 billion) via syndicated loan overseas.Kochhar agreed the bank's global asset growth will be higher following the slowdown in demand for home loans in the local market.ICICI Covers your home
It's hard to miss the HDFC Standard Life home loan insurance advertisements on television these days, "Mr Kumar rahe na rahe, Kumar Sadan hamesha rahega." However, unlike the fictitious Mr Kumar, there are many individuals who worry that about the adverse impact of the home loans if something happened to them. This is where a home loan insurance product comes to the rescue. Home loan insurance plans, also known as mortgage redemption plans are policies that cover your home loan liability. Though there are some minor variants, most plans offer a sum assured that reduces as your outstanding home loan comes down every year. In such plans, it is not your home but your loan that is covered should something happen to you. For instance, if you have taken a home loan of Rs 40 lakh and covered this through a home loan insurance. If after a year, your outstanding loan comes down to Rs 39 lakh, then your sum assured also comes down to Rs 39 lakh. In short the sum assured is adjusted against your home loan liability.
This insurance is much like the term plan or pure risk cover plans that are available from various insurance companies. There are exceptions like ICICI Bank (through their tie-ups with ICICI Lombard) home insurance loan where the sum insured remains constant. And in the event of death of the life assured, the outstanding home loan is cleared off and the rest is paid to the family. Some characteristics of such plans include:# Low premiums, high cover# No maturity amount on survival of the term# Choice of one time premium or regular premiumsHowever, the cover in term plans available in India are level term plans where the cover remains the same whereas in the case of home loan covers, the amount keeps falling as the home loan liability decreases. Also it is important to know that while most term plans can be bought till the age of 55, home loan insurance plans can be bought till the age of 60. However, the medical underwriting is stringent and it is only after adequate tests that these policies are issued at the higher age band. If one opts for a joint application then the premium is double. And if any of the joint applicants die, the loan is paid off by the insurance company. The premiums are calculated based on the medical underwriting, based on your age and medical record. The conditions are:Age of the life insured: The premium increases with age. Medical tests increase with age and are mandatory above 40 years. Below this age,ICICI cuts rate on sub-20 lakh home loans
The country's largest home loan provider, ICICI Bank, has reduced interest rates on floating rate home loans below Rs 20 lakh by 50 basis points for new customers.
Home loans below Rs 20 lakh qualify as priority sector loans. The decision is part of the differential pricing banks are introducing for home loans that qualify for priority sector, after the Reserve Bank of India reduced the risk weight for capital allocation on home loans below Rs 20 lakh to 50 per cent from 75 per cent in its annual policy statement.
The reduction in risk weight has freed around Rs 600 crore worth of capital of the bank.
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Comments
CHTTER HOMME LOAN COMPANY . BECAUSE GOING DOWN FLOOTING RATES NOT FOR OLDER HOME LOAN CUSTOMER ONLY FOR NEWER THIS BUT GOING UP FLOOTING RATES FOR OLDER AND NEWER CUSTOMER. IN MY OPENION BANK MANAGEMENT FORGOT WHAT IS THE MEANING OF FLOOTING RATES BECAUSE THEY HAVEA LICENCE FOR LOOTING INOCENT CUSTOMER.
I WANT SUGGEST ALL OF YOU PLEASE ALWAYYS STAY FROM THIS BANK AND NOT TAKE A ANY TYPE OF LOAN FRON IT ONLY TAKE FROM PUBLIC SECTOR BANK BECAUSE THERE ARE NO UNJUSTICE AND DISHONESTY.
INDIAN GOVERMENT AND RBI ALSO PAY ATTENTION BANK POLICY .
You will be cheated in many ways.
[1] They tell you that if you make early repayment there will be no penality. But in reality they charge 2% penalty on the full loan amount. [2] They hoodwink you and get cover for home loan from their sister co. but it will be for only 5 year period whereas your emi will be for 15 or 20 years. [3] While releasing loan amount to the builder, they take their own time and let you suffer with overdue interest to be paid to the builder. Overall not a customer friendly bank. No one to listen to your grievances because all the higher ups are shielded with no access to them either by phone or email. The so called relationship managers act supreme. The higher ups are afraid of facing the public and sit in glass houses.
i want home loan and car loan pls contect me soon. 9241285691.. in bangalore
Ashish says:
13 months ago
Horrible home loan company. Older and loyal customer(with clean credit records) get literally screwed by the bank. They increase interest rate rapidly as you get older customer, newere customers are always welcome.(new bakara's)
Stay away from this bank!
I have loans from ICICI and SBI, of these SBI is 100 tmes better than ICICI.
ICICI bacnk will sink soon.