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ICICI Bank launches ‘Saral-Rural Housing Loan’ Scheme

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Saral-Rural Housing Loan”, a new home loan proposition has been announced by India’s largest private sector bank ICICI Bank with a special interest rate for rural areas which includes (women borrowers as well as seekers from weaker sections).

  • Through this scheme now borrowers can avail home loans at the ICICI Bank Base Rate (“I-Base”) which is currently at 9.70%.
  • Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said that ICICI Bank is committed to support the socio-economic development of a larger section of the society.
  • Interested customers can apply for the “ICICI Bank Saral-Rural Housing Loan” at any ICICI Bank branch in the locations where the loan is being offered.

Features of the scheme:

  • An eligible borrower can take up to Rs.15 Lakhs under the ‘Saral-Rural Housing Loan’.
  • The customers can avail the loan to purchase or construct or renovate a home in rural areas.
  • Loan amount sanctioned under this scheme is Rs 5 Lakhs– Rs 15 Lakhs and the Loan Tenure is 3 years – 20 years.
  • Loan can be availed up to 90% of property value.
  • 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.
  • As per ICICI Bank ‘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.
  • The scheme envisages the socio-economic development of weaker sections in rural areas.

ICICI Bank:

• (Industrial Credit and Investment Corporation of India) ICICI Bank is India’s largest private sector bank with consolidated total assets of US $ 132.17 billion at March 31, 2015.
• ICICI Bank is headquartered in Mumbai, Maharashtra, India
• ICICI Bank’s presence currently spans 17 countries, including India.
• The Bank has a network of 4,050 branches and 12,642 ATMs.
• ICICI Bank is one of the Big Four banks of India, along with State Bank of India, Punjab National Bank and Bank of Baroda.