ICICI Home Finance launches affordable housing loan – Check Eligibility

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Updated: Jun 18, 2020 5:11 PM

For a loan amount of Rs 3 lakhs to Rs 6 lakhs, ICICI HFC’s SARAL loan requires mandatory woman ownership in rural areas of the country. This is done in a bid to encourage more women homeowners.

Low end housing, affordable housing, icici housing finance, sbi housing finance, PPP, CLSS, middle income group, PMAY-U, real estate sector, home loan, MIG-II categories, MIG-I  categories, CPSE, housing sectorBorrowers can visit any ICICI branch with their KYC documents, proof of income, and property documents to get the loan offline or visit the website for online application.

ICICI Home Finance (ICICI HFC) has launched SARAL – an Affordable Housing Loan. This housing loan will be aimed to fund homes in urban and rural areas. It has been developed for women, lower-middle-income customers, and economically weaker sections who have a maximum household income up to Rs 6 lakhs annually.

This housing loan is offered at an interest rate starting from 7.98 per cent onwards. Under the SARAL affordable housing loan, one can opt for a loan up to Rs 35 lakhs, and for a maximum tenure of 20 years. Additionally, people with pre-existing loans can also transfer their loans to ICICI Home Finance’s SARAL affordable housing loan.

For household income of Rs 3 lakhs to Rs 6 lakhs, ICICI HFC’s SARAL loan requires mandatory woman ownership in rural areas of the country. This is done in a bid to encourage more women homeowners. Additionally, the ICICI SARAL affordable housing loan also offers a special home loan rate for women, lower- and middle-income group people.

Loan applicants of the SARAL housing loan can also avail of an interest subsidy up to Rs 2.67 lakhs per house, under the Pradhan Mantri Awas Yojana (PMAY) scheme till March 31, 2021.

Anirudh Kamani, MD, and CEO, ICICI Home Finance, speaking about the SARAL loan said, “This affordable housing loan is a recent addition to our portfolio in an endeavor to offer customer-friendly, affordable financial solutions to those seeking to buy their dream homes. We look forward to empowering more women across the country to transform themselves from homemakers to homeowners with this loan product.”

Borrowers can visit any ICICI branch with their KYC documents, proof of income, and property documents to get the loan offline or visit the website for online application.

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