illustration<\/a> of how this Extraa Home Loan would be useful to the 3 segments identified above. We review each of them.<\/p>\nFor middle age, salaried customers:<\/strong><\/span><\/p>\nICICI Bank Extraa Home Loan – Illustration for middle age – salaried customers<\/strong><\/figcaption><\/figure>\n\nExtra Loan Sanctioned: Rs 6.5 Lakhs (45.5 \u2013 39)<\/li>\n Guarantee fee: Rs 70,000<\/li>\n So Mr. Raj would be paying 10.8% (70,000\/6,50,000) of enhanced amount as upfront Guarantee fee.<\/strong><\/li>\n<\/ul>\nFor Self Employed customers:<\/strong><\/span><\/p>\nICICI Bank Extraa Home Loan – Illustration for Self Employed customers<\/strong><\/figcaption><\/figure>\n\nExtra Loan Sanctioned: Rs 9.5 Lakhs (57 \u2013 47.5)<\/li>\n Guarantee fee: Rs 1,20,000<\/li>\n So Mr. Ajay would be paying 12.6% (1,20,000\/9,50,000) of enhanced amount as upfront Guarantee fee.<\/strong><\/li>\n<\/ul>\nFor young, salaried customers:<\/strong><\/span><\/p>\nICICI Bank Extraa Home Loan – Illustration for young – salaried customers<\/strong><\/figcaption><\/figure>\n\nExtra Loan Sanctioned: Rs 9.5 Lakhs (27.7 \u2013 26)<\/li>\n Guarantee fee: Rs 58,414<\/li>\n So Ms. Shena would be paying 34.4% (58,414\/1,70,000) of enhanced amount as upfront Guarantee fee.<\/strong><\/li>\n<\/ul>\nThe Guarantee fee is calculated on the entire loan amount and so when calculated on enhanced amount, it seems absurdly high.\u00a0<\/strong><\/span><\/p>\nAlso due to this the Guarantee\u00a0fee would be higher in case the enhancement is low.<\/strong> For e.g. if the bank charges 2% of loan amount as guarantee fee on loan of Rs 50 Lakhs, the fee turns out to be Rs 1 lakh. In case you take the enhancement at 20% i.e. Rs 10 lakhs, the guarantee fee works out to be 10% of enhanced loan while in case you take enhancement of 10% i.e. Rs 5 lakhs, the guarantee fee works out to be 20% of enhanced loan.<\/p>\n\nChecking out the illustrations and Guarantee fee charged I would not recommend opting for this loan especially if the gap between amount required and sanctioned is low. <\/strong><\/p>\n<\/blockquote>\nAlso you should get over your liabilities by the time you retire. So in case you are taking loan which extends beyond retirement, you will need to plan for the same.<\/p>\n
To conclude, I would recommend going for ICICI Bank Extraa Home Loan only as last resort mainly due to high upfront Guarantee fee. What do you think?<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"ICICI Bank has recently launched its new Home Loan Product – Extraa Home Loans. The idea is to offer enhanced loan amount (up to 20%) to first time home buyers, who otherwise would not be eligible for such an amount if opting for normal home loans. ICICI Extraa Home Loans Highlights: Following are the salient […]<\/p>\n","protected":false},"author":1,"featured_media":6406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[22,7],"tags":[303,2856,2858,2857],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",618,352,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review-300x171.png",300,171,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",618,352,false],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",618,352,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",618,352,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",618,352,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2015\/09\/ICICI-Extraa-Home-Loans-Review.png",120,68,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"ICICI Bank has recently launched its new Home Loan Product – Extraa Home Loans. The idea is to offer enhanced loan amount (up to 20%) to first time home buyers, who otherwise would not be eligible for such an amount if opting for normal home loans. ICICI Extraa Home Loans Highlights: Following are the salient…","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/6402"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=6402"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/6402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/6406"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=6402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=6402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=6402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}