Lengthens tenures in response to customer feedback.
ICICI Bank, India's second biggest bank, has offered to lower the equated monthly installments (EMIs) for a large number of its borrowers by enhancing the tenure of their home loans.
A letter to borrowers explained that the move was being made as a "customer-friendly gesture".
The bank had raised the benchmark reference rate or the prime lending rate for floating rate borrowers in February and March 2007, following which many borrowers were asked to pay higher EMIs.
"Subsequently, we have received a lot of feedback from customers that they would prefer to increase the tenure rather than increasing the EMI," the letter said.
The offer was open from April.
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