ICICI Bank Mortgage Service

The ICICI Bank Mortgage Service is among the major mortgage provider in the Indian mortgage market. Housing Development Finance Corporation (HDFC) Bank Mortgage Service dominates the Indian mortgage market at present with the State Bank of India (SBI) following the leader. The ICICI Bank Mortgage Service also has a good share of the Indian mortgage market. The total worth of the India Mortgage Market presently is nearly US $ 18 billion.

The gross domestic product to mortgage ratio in India is very low in comparison to other developed countries. The ratio in the foreign countries ranges from 25% to 60% whereas in India the ratio is 2.5%. The India Mortgage Market is showing fast growth in the past few years. The foremost players in this sector are the finance corporation but presently the commercial banks are also started playing an important role in the development and growth of the India Mortgage Market.

Targets of the ICICI Bank Mortgage Service

• To provide the customer with the best possible services
• To focus on cost management and management of gains
• To put emphasize on the quality of the credit and advance in form of mortgage loan

The salient features of the of ICICI Bank Mortgage Service

• The mortgage based loans provided in order to acquire real estate for commercial purposes, and as working capital
• The documentation required is minimal
• The funding is done upto 3/4 of the cost of the project and the balance is the customers contribution
• The customer should be able to produce proper identification documents
• The customer has to provide collateral securities against the loan

The ICICI Bank Mortgage Service such as

• Debt consolidation service
• Home equity loans
• New home loans
• Latest mortgage quotes
• Mortgage refinancing
• Real estate lending

Mortgage refinancing under the ICICI Bank Mortgage Service

Refinancing scheme allows the customers to takeout a second mortgage in order to repay the first mortgage. This also provides the customer with the advantage of low interest rates. The benefits of refinancing are

• Reduction in the sum of the monthly payments of the customer
• Reduction in the total sum of interest customer pays throughout his life for his loan
• Reduction in the term period of the loans so the customer may payoff their loan faster

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Last Updated on 5/26/2011