ICICI Bank Home Loan - Pros & Cons

Home loans have become a need of the hour for average Indian family who are on the lookout for purchasing their dream home. It is difficult to choose the best home loan company in India, since all companies have a set of products with their own advantages and disadvantages.

Hence, here below find listed the pros and Cons of selecting a home loan from ICICI:

For Resident Indians:

Pros:

i.)    A vast set-up of branches for easy accessibility and reach.

ii.)    The options for repaying the loans are flexible comparatively.

iii.)    World class service at your doorway as well as the reliable ICICI bank home loan calculator for instant clarity.

iv.)    They have rather attractive premiums for insurance of home loans which are essential in the event that there is any unforeseen accident. This insurance of the home loan will aid the family in paying off the remaining amount of the loan in the event of any loss in source of income.

v.)    They are well organised and also have a professional team of lawyers in house for quick processing of legalities involved.
Cons:

i.) There are hidden charges in the form of stamp duty to the tune of 0.1 % of loan amount for memorandum  
    of Deposit (M.O.D.).

ii.) The helpline number executives do not have adequate knowledge and thus cause a lot of delay in resolution
     and overall harassment.

iii.) The common perception is not good since there is a lot of negative grapevine word of mouth.

For Non- Resident Indians:


Pros:

i.) ICICI home loan interest rates may be floating or fixed for NRIs.

ii.) The documentation procedures are very simple.

iii.) One can prepay part of the loan at nil charges.

Cons:

i.) The process for disbursement of the loan is quite complex and lacks promptness.

ii.) Various customers have complained about having been at the receiving end of inappropriate behaviour.

iii.) The loan maturity date age of the applicant must be less than 60 years or age of retirement. Hence, one needs to be an early bird as if the age is reached at the loan maturity date, loan is not granted. This sounds very restrictive since a family member is not allowed to pay the loan inspite of having age.

ICICI bank home loans are essentially facing perception limitations in the branding that it has achieved advertently or inadvertently. However, the service quality is the best the industry has to offer. However, one is advised to select a home loan option after comparing all options and finally choose that which suits the respective individual needs best.

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