ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank, has launched the country’s first ‘Mortgage Guarantee’ backed loans for retail customers aspiring to purchase their first homes in the affordable housing segment. Christened ‘ICICI Bank Extraa Home Loans’, it allows a borrower to enhance the loan amount by up to 20% and also provides the option to extend the repayment period up to 67 years of age. ‘ICICI Bank Extraa Home Loans’ empowers the customers with the dual advantage of improved affordability and a longer repayment period.

ICICI Bank has launched this initiative in association with India Mortgage Guarantee Corporation (IMGC). IMGC is a joint venture between National Housing Bank (NHB), an RBI subsidiary which regulates Home Finance Companies in India; NYSE-listed Genworth Financial Inc., a Fortune 500 company; International Finance Corporation (IFC) and Asian Development Bank (ADB). The launch of ‘ICICI Bank Extraa Home Loans’ comes close on the heels of a slew of pathbreaking services introduced by ICICI Bank. These include the upgraded version of iMobile with over 100 services, fully automated 24X7 ’Touch Banking’ branches, Tab Banking and the country’s first contactless debit and credit cards.

ICICI Bank is India’s largest private sector bank. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans across 17 international locations.