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Prepayment of ICICI Home Loan

Home loan prepayment is a term in which borrower has to pay his amount of loan to the bank. This amount would be repaid normally through monthly EMI. ICICI Home Loan prepayment rules are that incase the borrower wants to pay off his loan before the stipulated period, he may go for a part prepayment or full repayment of the loan. Home loan prepayment is the excessive repayment, moderately or fully, of the loan amount, in addition to the EMI, prior to the maturity of the loan.

Part Prepayment of Home Loan ICICI

Is the increase in home loan rate of interest resulting in a rise of your home loan EMI and threatening to take a bigger bite of your monthly budget?  In such an occasion if you can manage a hefty amount, you may choose to make a partial repayment of the loan. The existing borrower needs to place an application to the bank along with a cheque for the amount he wants to pay. Accordingly, the lump-sum amount you pay gets adjusted against the outstanding balance. bank would adjust the amount with the total outstanding. The borrower may opt to bring down the monthly EMIs (Equated Monthly Installments) or modify the loan tenor accordingly. This would result in a decrease in the interest burden.

ICICI Full Prepayment of Home Loan

If a borrower intends to avail another loan, he may wish to pay off the existing obligation so as to increase his eligibility bracket. On the other hand, if the borrower manages a lump-sum amount he may wish to foreclose the loan and get rid of this financial compulsion. Under such situation the candidate appeals ICICI to provide him with the process to be followed and the total outstanding. ICICI would then take necessary course of action and provide the borrower with the pertinent information. The loanee would then shell out the entire amount and foreclose the existing home loan.

ICICI Home Loan Prepayment Charges

ICICI Bank has waived off pre-payment charges on all kind of home loans with effect from November 23, 2011for both new and existing customers. This is applicable for partial or full prepayment of home loan approved under floating rate scheme.


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