Our reader Deep shared some insights about ICICI bank home loan prepayment without visiting the branch . It might be helpful to many here - I have a ICICI salary account and i have taken home loan through ICICI. So first thing i did was to link LOAN account with Salary A/c. (Helps big time !). Then for the first time, i did my first “part-prepayment” without visiting any ICICI asset branch. I went through the website and figured out that NEFT transfer was possible. So i checked with customer care and here are the truths with respect to ICICI part-prepayment. 1) Part pre-payment cannot be done anything less than the existing EMI amount. So in other words, one can do part-prepayment only in multiples of EMI (one or more). Eg. If your monthly EMI is Rs.30K, you are eligible to do part-prepayment of amount from Rs.30K to any amount you are comfortable with. 2) Part pre-payment can be done via PHONE BANKING and not required to visit any ICICI asset branch. Your debit card with password keyed in will be taken as input to process a NEFT transfer. 3) The catch here is, such PHONE BANKING NEFT Transfer is limited to max amount of 6 month’s EMI and nothing beyond that. (ie.) With above example, “every” month, one can maximum settle Rs.1,80,000 (ie. Rs.30000 * 6) as part pre-payment. You can also settle Rs.1,80,000/- separately on last day of previous month and 1st of next month which is VALID. 4)Such restrictions doesn’t apply when you visit personally to any ICICI asset branch to settle. My 2 cents: Per month, maximum allowance of 6 month’s EMI amount to settle has more room for individual loan customer. Also, one doesn’t have to make any personal visit. This definitely helps those who are out of India. Also prevents the route of settling via power-of-attorney (it has it’s own risk too!!!). More than anything, i am happy for 2 reasons 1. I did such NEFT transfer and the amount got transferred in same day and revised amortization schedule will be couriered to your home address and in two days of time, the same will get reflected online in your loan account which you can verify. 2) Part pre-payment for floating rates DO NOT ATTRACT any pre-payment charges from ICICI. jagoinvestor/2012/02/home-loan-prepayment-online.html#comment-158434
Posted on: Sat, 05 Jul 2014 10:41:27 +0000
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