| News
Release
January 04, 2002
ICICI Home Finance announces 0.25% cut in
Home Loan rates
ICICI Home Finance Company Limited today announced
an interest rate reduction of 0.25% on its key products with effect from
January 7, 2002. The Company also announced a reduction in its processing
and administration fee to 1% of the loan amount from 1.8% for resident Indians
and to 1.25% from 2% for non-Resident Indians. This change will be with
effect from January 10, 2002 until which time the customers will continue
to avail the Special Offer fee of only 0.8%.
The new ICICI Home Loan rates,
which are in line with the prevailing interest rates, are as follow:
|
For
Residents
|
Tenor
|
Old
Rate (% per annum)*
|
New
Rate (% per annum)*
|
|
Home Loans
|
1-5 yrs
|
10.50
|
10.25
|
|
|
620 yrs
|
12.00
|
11.75
|
|
11-20 yrs
|
12.25
|
12.00
|
|
|
21-30 yrs
|
12.50
|
12.25
|
|
Non-Residents
|
|
|
|
|
Home loans
|
1-5 yrs
|
10.50
|
10.25
|
|
620 yrs
|
12.00
|
11.75
|
|
*Rates are applicable on
annual rest basis
Complete Array of products
The Company recently launched Floating Rate Home loans at 11.5% per annum
calculated on a monthly rest basis, making it the lowest cost loan in
the industry. The floating rates are reset quarterly making it possible
for customers to quickly avail the benefit of any change in interest rates.
With this product, ICICI Home Finance further augmented its suite of products
and services, thus providing a complete array of options to its home loan
customers.
Said Ms. Madhabi Puri Buch,
Managing Director, ICICI Home Finance, "with the reduced interest rates
on fixed rate home loans, the new floating rate product, and value adds
like free personal accidental death insurance, balance transfer, and doorstep
delivery, ICICI Home Finance provides among the most attractive and comprehensive
loan offers in the industry."
Opportunity for higher
savings
The new home loan rates also offer an opportunity of even higher savings
for people holding high cost loans that they may have taken over the last
4-5 years. ICICI's Balance Transfer product allows a person with an existing
loan to transfer to the ICICI Home Loan in an extremely convenient way.
ICICI Home Finance finances both the prepayment charges on the old loan
as well as the processing fee for the new loan.
About ICICI Home Finance
ICICI Home Finance, a fully
owned subsidiary of ICICI Limited, offers home loans for tenors upto 30
years to customers in over 100 cities/towns across the country. Loans
are offered for purchase of new homes and home improvement. Besides, the
Company also offers Loans for purchasing commercial property and loans
against existing property. The company has introduced several customer
friendly services such as 'door-step' service, 'know your loan on phone'
facility, free personal accident insurance and 'ICICI Home Search' - free
property brokerage service. In FY 2000-01, the Company sanctioned loans
totaling Rs. 1,388 crore and disbursed Rs. 677 crore.
Except for the historical
information contained herein, statements in this release which contain
words or phrases such as "will", "aim", "will likely result", "believe",
"expect", "will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", "seek to", "future", "objective", "goal", "project", "should",
"will pursue" and similar expressions or variations of such expressions
may constitute "forward-looking statements". These forward-looking statements
involve a number of risks, uncertainties and other factors that could
cause actual results to differ materially from those suggested by the
forward-looking statements. These risks and uncertainties include, but
are not limited to our ability to successfully implement our and ICICI
Home Finance Company Limited's strategy, our growth and expansion, the
adequacy of our allowance for credit losses, technological changes, investment
income, cash flow projections, our exposure to market risks as well as
other risks detailed in the reports filed by ICICI Limited with the Securities
and Exchange Commission of the United States. ICICI undertakes no obligation
to update forward-looking statements to reflect events or circumstances
after the date thereof.
For further press queries
please contact:
ICICI: Mr Charudatta Deshpande
Head Corporate Communications,
Tel: 022-26538208
Fax: 022 26531116
email: charudatta.deshpande@icicibank.com
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