ICICI bank has launched home loan scheme under the credit linked subsidy component of Pradhan Mantri Awas Yojana.
The bank will provide home loans of up to Rs. 6 Lakh to the people
belonging to EWS and LIG categories at a special interest rate.
The bank will provide a subsidy for eligible borrowers at 6.5% per
annum on a maximum amount of Rs. 6 Lakh for a tenure of up to 15 Years.
ICICI Bank has signed an MoU with the National Housing Bank (NHB) to
provide loans under PM Awas Yojana.
The home loan amount sanctioned to the eligible EWS/LIG applicants
will depend upon their repayment capability. The loan however can be
spread out for up to 30 years. The home loan scheme will significantly
help bringing down the EMI amount. The applicants can however apply for
larger amount but the loan amount beyond Rs. 6 Lakh will be provided at
non-subsidized rate of interest.
The Credit Linked Subsidy is available for housing loans availed for
new construction and addition of rooms, kitchen, toilet, etc. to
existing dwellings as incremental housing. The carpet area of houses
being constructed under this component should be up to 30 sq. m. for EWS
category and up to 60 sq. m. for LIG category. However, the beneficiary
can construct a bigger house.
How to Get Home Loan from ICICI Under PM Awas Yojana
The home loans under PM Awas Yojana are available at 2513 branches of
ICICI bank across the country. The complete list of the bank branches
where the loan is available here.
Eligiblity for PM Awas Yojana Home Loan Scheme are
- Families not owning a pucca house
- Economically Weaker Section (EWS) and Low Income Group (LIG)
- Families comprising husband, wife and unmarried children
- Meeting income criteria defined under the scheme
Income Eligibility Criteria to Avail the Home Loan
The income norms for EWS/LIG categories are defined as follows:
- EWS households with an annual income up to Rs. 3 Lakh
- LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh
Scheme features
- Subsidy benefit of 6.5% p.a for first home buyers
- Upfront subsidy benefit on principal outstanding
How the bank will provide the loan at subsidized rate
The bank will claim subsidy benefit for eligible borrowers from
National Housing Bank (NHB). The NHB will conduct a due diligence to
exclude claims where customer has submitted multiple request. For all
eligible borrowers, the subsidy amount would be paid to the Bank. Once
the bank receives the interest subsidy, it will be credited upfront to
the Loan Account. The subsidy will be calculated on NPV basis at the
rate of 9% discount rate.
For example, the borrower avails a loan for Rs. 8 Lakh and the
subsidy works out to Rs. 2,20,000. The amount (Rs. 2,20,000) would be
reduced upfront from the loan (i.e., the loan would reduce to Rs.
5,80,000) and the borrower would pay EMIs on the reduced amount of Rs.
5,80,000.
* The above example is for illustration purpose only and will depend
on the actual amount received or any changes done by NHB on the same.
Additional Documents Required to Submit to Avail the Loan
- Declaration of not owning a pucca house.
- Customers not having income proof would require to submit an Affidavit.
List of Bank Branches to Avail the Home Loan Under PMAY
IMG CREDIT: icicibank.com
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