ICICI Home Finance has launched an affordable housing loan scheme – SARAL. Mainly, it developed for women, lower and middle-income groups, and aims to fund homes in urban and rural areas.
The loan covers women, lower and middle-income groups, and also the economically weaker sections of the society who have a maximum household income up to Rs 6 lakhs per year, the bank said in a statement on Thursday.
The housing loan (SARAL) is offered at an interest rate beginning from 7.98 per cent onwards and it offers affordable housing loans up to Rs 35 and for a maximum tenure of 20 years.
Further, the bank offers an additional option for its customers with pre-existing loans to transfer their loans to ICICI Home Finance’s SARAL affordable housing loan scheme.
In the rural areas of the country with a household income of Rs 3 lakhs to Rs 6 lakhs, ICICI HFC’s SARAL loan demands compulsory woman ownership, mainly to encourage more women homeowners.
Besides, the ICICI HFC’s SARAL loan also provides a special home loan rate for women, lower- and middle-income group people of the society.
Moreover, under the Pradhan Mantri Awas Yojana (PMAY) scheme, which is available till March 31, 2021, loan applicants of the SARAL housing loan can also avail of an interest subsidy up to Rs 2.67 lakhs per house.
MD and CEO, ICICI Home Finance, Anirudh Kamani, commenting 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 shop for their dream homes. We look forward to empowering more women across the country to rework themselves from homemakers to homeowners with this loan product.”
Applicants can apply for the loan by visiting any ICICI branch with their KYC documents, proof of income, and property documents to get the loan offline also they can visit the website for the online application.