ICICI Bank announced the launch of a credit-linked subsidy scheme for home loans under the ‘Pradhan Mantri Awas Yojana’. Under this scheme, individuals including women borrowers from the economically weaker section and low income group, will be able to acquire and construct the first brick-and-mortar house of the family by paying significantly lower EMIs. The bank has entered into a MoU with National Housing Bank a central nodal agency for the scheme, to facilitate the credit-linked subsidy to the eligible borrowers. According to the scheme, an eligible customer will get the subsidy at 6.5% per annum on a maximum amount of Rs 6 lakh or the loan amount, whichever is lower, for a maximum tenure of 15 years. Rajiv Sabharwal, ED of the bank, said the bank is committed to support the government’s vision to provide housing for all by 2022. In line with this commitment, it has now launched the credit-linked subsidy scheme of Pradhan Mantri Awas Yojana which reduces the EMI of the borrowers from the economically weaker section and low income groups.
