Instant Home Loan
Instant* sanction with special fees
The Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. This scheme envisages the vision of housing for all by the year 2022. With ICICI Bank, you can avail the benefits of the Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana.
Under this scheme, an interest subsidy on purchase, construction, extension or improvement of a house is provided to customers belonging to the Economically Weaker Sections (EWS), Low Income Groups (LIG) or Middle Income Groups (MIG).
For details, give us a missed call on 9022499400
Extended loan tenure
No limit on loan
Option for additional loan
Interest subsidy benefits up to ₹2.67 lakh*
Loan repayment tenures of up to 20 years.
No cap on the amount of the loan or on the cost of your property
An option to avail additional loans at non-subsidised rates.
Your eligibility to avail the benefits under the Pradhan Mantri Awas Yojana (PMAY) scheme from ICICI Bank is basis the below mentioned parameters:
|Type of scheme||EWS/LIG||MIG – I||MIG – II|
|Family income (₹)||EWS – 0 to Rs. 3, 00,000
LIG – 3,00,001 to Rs. 6,00,000
|Carpet Area-Max (sq. m.)||30 sqm** / 60 sqm**||160||200|
|Maximum amount of the loan on which subsidy is calculated (₹)||₹6,00,000||₹9,00,000||₹12,00,000|
|Interest subsidy (%)||6.50||4.00%||3.00%|
|Maximum subsidy (₹)||₹2.67 lakh||₹2.35 lakh||₹2.30 lakh|
|Validity of scheme||March 31, 2022||March 31, 2021||March 31, 2021|
|Ownership of the property by a woman||Mandatory*||Non Mandatory||Non Mandatory|
Other important things to note about the eligibility criteria
If you are eligible for the subsidy under the PMAY scheme and if you have not availed the same while taking a home loan from us, you can submit your request separately. We will review your request for claiming the subsidy and then submit the claim to the National Housing Bank.
Please follow the process outlined below:
This scheme is offered to families comprising of husband, wife and unmarried children. An adult earning member, irrespective of their marital status, can be treated as a separate household in the MIG category.
The family should not own a pucca house in the name of the beneficiary or in the name of any member of the family of the beneficiary, in any part of India.
The Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) is a scheme launched by our Honourable Prime Minister Shri Narendra Modi for customers belonging to the Economically Weaker Sections (EWS), Low Income Groups (LIG) and Middle Income Groups (MIG-I and MIG-II).
The beneficiaries under this scheme would be eligible for a subsidy on the interest for housing loans taken for the purchase, construction, extension or improvement of a house.
The family of the beneficiary should meet the following conditions in order to be eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.
As per the amendment in the guidelines, the definition of the term ‘beneficiary’ has been broadened to include an adult earning member (irrespective of their marital status) subject to certain provisos. This amendment makes such a person eligible to apply for the PMAY-Urban Mission under the CLSS scheme for MIG. Subsequently, this definition of the term 'beneficiary' was also made applicable to the entire PMAY-Urban scheme.
ICICI Bank will claim the benefit of the subsidy for eligible borrowers from the National Housing Bank (NHB). The NHB will then conduct due diligence to exclude claims where the customer has submitted multiple requests.
For all eligible borrowers, the amount of subsidy would be paid to us. Once we receive the interest subsidy, we will credit it upfront to the loan account of the eligible borrower. The subsidy will be calculated on the Net Present Value (NPV) at a discount rate of 9%.
For example, you avail a loan for ₹8,00,000 and the subsidy works out to be ₹2,20,000. The amount of subsidy (₹2,20,000) would be reduced upfront from the loan (i.e., the amount of the loan would reduce to ₹5,80,000). You would pay EMIs on the reduced amount of ₹5,80,000.
Note: The above example is for illustrative purpose only and the amount of subsidy* will depend on the actual amount received or on any changes done by the NHB regarding the same.
Yes, as per the criteria mentioned in the PMAY scheme, this rate is applicable only for first-time buyers purchasing pucca houses.
The Pradhan Mantri Awas Yojana (PMAY) is available for salaried as well as self-employed customers.
The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.
Each applicant’s eligibility for a loan will be assessed based on the internal guidelines and processes of ICICI Bank, as amended from time to time.
As per the existing requirements, the applicant will be required to submit documents related to income, like salary slips, ITRs, bank statements and details of any existing loans for the purpose of eligibility assessment.
No, there is no limit on the amount of loan for loan accounts that are booked under the PMAY-CLSS scheme.
Sorry, but the page you were trying to view does not exist.
It looks like this was the result of either:
Home Loan at interest rate starting at 6.75%
Scroll to top