ICICI Home Finance launches SARAL affordable housing loan

Special home loan rate for Women, Lower and Middle Income Groups

Key Highlights: –

• SARAL affordable housing loan offers loans up to INR 35 lakhs
• Interest rate starts from 7.98% onwards

Delhi, June 18, 2020: ICICI Home Finance (ICICI HFC) has announced the launch of SARAL – an Affordable Housing Loan, aimed to fund homes in urban and rural areas. Developed for women, lower, middle-income customers and economically weaker sections having maximum household income up to INR 6 lakhs annually. The SARAL affordable housing loan is available at an interest rate starting from 7.98% onwards, for a maximum tenure of 20 years. Customers with pre-existing loans can also transfer their loans to ICICI Home Finance’s SARAL affordable housing loan. 

In a bid to encourage more women homeowners, ICICI HFC’s SARAL loan requires a mandatory woman ownership in rural areas of the country for a household income of Rs 3 lakhs to Rs 6 lakhs.  Interested customers can walk into any branch with their KYC documents, proof of income and property documents or login to www.icicihfc.com and start the process. SARAL loan applicants can also avail of an interest subsidy up to Rs. 2.67 lakhs per house, under the Pradhan Mantri Awas Yojana (PMAY) scheme till March 31, 2021. 

Speaking about the SARAL loan, Anirudh Kamani, MD & CEO, ICICI Home Finance, said, “Our SARAL affordable housing loan is a recent addition to our portfolio in an endeavor to offer customer-friendly, affordable financial solutions to those seeking to buy their dream homes. We look forward to empowering more women across the country to transform themselves from homemakers to homeowners with this loan product.”