ICICI Bank Saral-Rural Housing Loan
Key Features..!
- Home Loan at 9.70% (Base Rate)
- Loan up to 90% of property value
- Loan amount between 5 Lacs – 15 Lacs
- Tenure between 3 - 20 years
India's largest private lender
ICICI bank announced on August 10, 2015 it will offer loans of up to Rs, 15
lakh at base rate the minimum lending rate in rural areas.
The bank has linked up the rate of
rural home loans to the base rate, which currently stands at 9.70%. Its larger
rival SBI provides home loan to women borrowers at base rate at a similar
pricing level.
"ICICI Bank is committed to
supporting the socio-economic development of a larger section of society,"
Executive Director Mr. Rajiv Sabharwal said in a statement.
ICICI Bank said rural loans will
be available in 189 of its 4,052 branches.
The ticket size under the product
christened 'ICICI Bank Saral-Rural Housing Loan' is between Rs. 5 lakh
and Rs. 15 lakh and the tenure is 3 years to 20 years, it said.
The rate of interest will be
floating, which means it will be revised with the movement in the base rate
across the loan tenure. Rural borrowers can avail of the loan to purchase or
construct or renovate a home, it added.
It can be noted that loans of up
to Rs. 20 lakh in rural areas qualify as priority sector lending
wherein banks
have to mandatorily lend 40% of their annual fresh advances to the
disadvantaged. If there is a shortfall, the amount gets invested in low-yield
rural infrastructure development fund.
For media queries, write to:corporate.communications@icicibank.com
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