One of the India’s largest private sector bank, ICICI Bank, has announced a new home loan proposition, ‘Saral Rural Housing Loan’, with a special interest rate.
Under ICICI Bank Saral Rural Housing Loan, applicants from rural areas and borrowers from weaker sections can avail home loans at the ICICI Bank Base Rate which is as per the company, is currently at 9.7%.
Here are some of the key features of ICICI Bank Saral Rural Housing Loan Scheme;
· Loan amount should be between Rs 5 lac to Rs 15 lac.
· Loan tenure must be between 3 years to 20 years
· Loan can be availed up to 90% of property value
The credit facility can also be extended for acquisition, construction, repairs, renovation or up-gradation of a house in rural areas.
As per ICICI Bank, The definition of weaker section and rural areas is as per the Circular of Refinance Schemes for Scheduled Commercial Banks by National Housing Bank (NHB) dated 01-02-2013. ‘Rural area’ is defined as the area comprised in any village, including the area comprised in any town, the population of which did not exceed 50,000 as per the 1991 Census.
Here is the list of locations provided by ICICI Bank where at present Saral Rural Housing Loan will be available.
Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank is committed to support the socio-economic development of a larger section of the society. We believe that ‘ICICI Bank Saral Rural Housing Loan’ will empower customers including women borrowers in the rural locations to realize the dream of owning a home at an affordable interest rate.”