Financial Daily from THE HINDU group of publications
Friday, Feb 20, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 20, 2004 |
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Housing Finance Marketing - Strategy Money & Banking - Housing Finance Scratch your card for home loan at 4.99 pc Our Bureau
New Delhi , Feb. 19 AFTER mass-market consumer products and white goods, the "scratch card syndrome" seems to have spread to ICICI Bank home loans. ICICI Home Finance today announced a `Home Utsav' at Gurgaon near Delhi, where customers will get a scratch card that will determine the rate of interest they pay on their loan. "While we are already offering a very competitive rate of 7.25 per cent on a floating basis at the event, depending on his luck, the customer can walk away with an interest rate as low as 4.99 per cent. This is the first time that the idea of a scratch card has been introduced for a high-involvement product like home loans," a senior company executive told Business Line. The scheme will be available to customers who first apply and get loan sanction. The scratch card will determine the equated monthly instalments to be paid. The six-day `Home Utsav' is being held at a shopping mall. ICICI Bank has roped in most of the reputed builders in the area and will offer on-the-spot sanction and disbursal of loans. The prospective customers will also be offered a guided tour of the properties of the participating developers to enable them to take spot decisions. The Chief Operating Officer, Mr Rajiv Sabharwal, said that the event is expected to attract over 15,000 prospective customers. ICICI will also offer `MaxMoney' loans, a new differential payment product that allows customers to step up their EMI with time. The mechanism allows the customer to get a loan amount 30 per cent higher than his eligibility based on repayment capacity.
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