Good news for home buyers! ICICI Home Finance launches affordable housing loan — SARAL; interest rate from 7.98% onwards

ICICI Home Finance (ICICI HFC) has launched 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 Rs 6 lakhs annually. The SARAL affordable housing loan is available at an interest rate starting from 7.98 per cent 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.

Speaking about the SARAL loan, Anirudh Kamani, MD & CEO at ICICI Home Finance said, “Our SARAL affordable housing loan is a recent addition to our portfolio in an endeavour 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.”

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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 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.

ICICI Home Finance has been taking proactive measures across 137 branches that have opened up across zones. This includes temperature screening of all visitors and employees before entering the branch, cleaning of common office spaces regularly, and placing hand sanitizers at various locations, and having employees use masks at all times.