On June 18, 2020 ICICI Home Finance Company Limited(HFC) launched SARAL, a special affordable housing loan scheme to finance homes in urban and rural areas. The beneficiaries are women, lower, middle income customers and economically weaker sections, with a maximum household income up to Rs 6 lakh per annum.
Gist about SARAL:
Loan requirement– The loan requires compulsory ownership of a woman in the country’s rural areas from Rs 3 lakh to Rs 6 lakh.
Maximum limit– The maximum limit of the loan is Rs 35 lakh.
Interest rate– The interest rate of the loan starts from 7.98%.
Maximum Tenure– The maximum tenure of the loan is 20 years.
Transfer of loans– Customers with pre-existing loans can also transfer their loans.
Note: ICICI HFC offers interest subsidy of up to Rs 2.67 lakh per house for SARAL loan applicants up to the end of this financial year, under the Pradhan Mantri Awas Yojana (PMAY)
About ICICI HFC:
ICICI HFC is a Housing Finance Company regulated by the Reserve Bank of India(RBI) and is a wholly-owned subsidiary of ICICI Bank Ltd.
Headquarters– Mumbai, Maharashtra
Chairman– Anup Bagchi
Managing Director(MD) & Chief Executive Officer(CEO)– Anirudh Kamani
