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ICICI Bank Offers Home Loan Scheme With Variable EMI

ICICI Bank has launched its new home loan product that, according to the bank, offers higher eligibility and affordability to customers.

The ‘MaxMoney’ loan, meant for new customers, has a floating rate of interest and offers loan eligibility of up to 30 per cent.

Addressing the media at the launch, ICICI Home Finance chief operating officer Rajiv Sabharwal said that the product would have different EMI amounts for different periods during the tenure of the loan.

For instance, for a loan of Rs 1 lakh, at 7.5 per cent rate of interest, a customer would pay EMI of Rs 625 for the first two years, Rs 806 for the period between three and seven years and Rs 874 between eight and 20 years, compared to a normal loan, where EMI would be uniform at Rs 806 for the entire period of the loan.

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