Financial Daily from THE HINDU group of publications
Friday, Aug 02, 2002
Money & Banking
Industry & Economy - Events
ICICI Bank property show begins today
HYDERABAD, Aug 1
ICICI Home Finance Company Ltd, a wholly-owned subsidiary of ICICI Bank, and ICICI Home Search, the retail property search services division of the bank, are organising a four-day property show in Hyderabad titled "ICICI Bank Home Utsav" from August 2.
The first such event to be held at the Institution of Engineers located at Khairatabad here would have a unique display of close to 4,500 properties, with more than 100 builders participating in the show.
The display of properties would cover all the ranges premium, mid-range and budget segments. The properties, developed by prime builders of the twin cities of Hyderabad and Secunderabad, would contain complete details including area-wise classification.
During this event, executives of ICICI Bank and ICICI Home Search would help buyers through the process of property selection and documentation.
The organisers would arrange site visits based on customer preference free of cost for the new flats. Further, ICICI Bank Home would offer spot sanctions for home loans on the displayed properties. The customers opting for a spot loan would get advantages such as a reduced interest rate of 10.75 per cent on adjustable rate loans and an offer of zero processing fee for the loans, which are usually up to 0.5 per cent of the loan amount.
Announcing this here on Thursday, the ICICI Home Finance Chief Operating Officer, Mr Rajiv Sabharwal, the Regional Business Head, South, Mr Sunil Rohokale, and the Area Business Head, Mr K. Komal Nair, said the buyers would have the privilege of choosing the properties from the wide range displayed by different builders.
Significantly, the customers taking home loan sanction at the `Home Utsav' would be entitled for `Home Safe', a free property insurance cover recently introduced by ICICI Bank, and also a free personal accident cover with every home loan sanction.
While the free personal accident insurance would be to the extent of the outstanding principal amount, the free property insurance would be equal to the cost of construction.
Home Safe, which was being offered on all new loans from June 13 this year onwards, would be provided at no additional charge to the customers for all home loans sanctioned before September 30.
The insurance cover would be available during the tenure of the loan up to a maximum of ten years. Towards this, ICICI Home entered into an exclusive tie-up with ICICI Lombard, Mr Sabharwal said.
In a bid to offer maximum range of services to the home loan customers, the ICICI group was also making other products available at the event with special discounts and benefits. These products include car loans, personal loans, two-wheeler loans and credit cards.
Stating that similar events organised by ICICI Home across the country were generating good response, Mr Rajiv Sabharwal said: "Our goal is to make the entire process of acquiring a home very convenient for the customer. Such property shows, where the customer gets a chance to see the entire real estate market under a single roof and also be able to take an immediate loan, goes a long way in achieving this goal."
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