Instant Home Loan
Instant* sanction with special fees
The "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. The scheme envisages the vision of housing for all by the year 2022. ICICI Bank offers "Credit Linked Subsidy Scheme" under Pradhan Mantri Awas Yojana
Under this scheme, interest subsidy on purchase/ construction/ extension/ improvement of house is provided to customers belonging to Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG).
Extended loan tenure
No limit on loan
Option for additional loan
Interest subsidy benefit of up to ₹2.67 Lakh*
Loan repayment tenure of up to 20 years
No cap on loan amount or cost of property
Get additional loans at non-subsidised rate
The eligibility criteria for you to avail the ICICI Bank Pradhan Mantri Awas Yojana (PMAY) depends on the following factors:
|Scheme Type||EWS/LIG||MIG – I||MIG – II|
|Eligibility Family Income (Rs.)||EWS – Rs. 0 to Rs. 3, 00,000
LIG – Rs. 3,00,001 to Rs. 6,00,000
|Rs. 6,00,001 to
|Carpet Area-Max (sq. m.)||30 sqm** / 60 sqm**||160||200|
|Subsidy calculated on a max loan of||Rs. 6,00,000||Rs. 9,00,000||Rs. 12,00,000|
|Interest Subsidy (%)||6.50||4.00||3.00|
|Max Subsidy (Rs.)||2.67 Lakh||2.35 Lakh||2.30 Lakh|
|Validity of scheme||31 March 2022||31 March 2021||31 March 2021|
|Woman Ownership||Mandatory*||Non Mandatory||Non Mandatory|
If you are eligible for PMAY subsidy benefit and have not availed the same while taking Home Loan from us, you can submit your request. The bank will review your request for subsidy claim and will submit the claim to National Housing Bank.
Please follow the below process:
The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
The family should not own a pucca house in his/ her name or in the name of any member of the family, in any part of India
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 Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG-I & MIG-II).
The beneficiary would be eligible for interest subsidy on purchase/ construction/ extension/ improvement of a house.
The beneficiary family should meet the following conditions in order to be eligible for Credit Linked Subsidy Scheme (CLSS) under PMAY:
Note: As per the amendment in guidelines, the definition of ‘beneficiary’ was broadened to include an adult earning member (irrespective of marital status) subject to certain provisos, making him/her eligible to apply of PMAY-Urban under CLSS for MIG scheme effective from 01 January 2017. Subsequently, this definition of 'beneficiary' was also made applicable to entire PMAY-Urban scheme w.e.f. 27 June 2017.
The bank will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple requests.
For all eligible borrowers, the subsidy amount would be paid to the bank. Once the bank receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at 9% discount rate.
E.g., the borrower avails a loan for Rs. 8 Lakh and the subsidy works out to Rs. 2,20,000. The amount (Rs. 2,20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5,80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5,80,000.
Note: The above example is for illustration purpose only and the subsidy* amount will depend on the actual amount received or any changes done by NHB on the same.
Yes, this rate is applicable only for first-time pucca home buyers as per PMAY criteria.
Pradhan Mantri Awas Yojana 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.
The loan eligibility of the applicant will be assessed based on internal guidelines and processes of the bank as amended from time to time.
As per the extant requirement, the borrower will be required to submit income documents like, salary slip, ITR, bank statement, existing loan details etc. for the purpose of eligibility assessment.
No, there is no loan amount limit for loan accounts which are booked under PMAY-CLSS scheme.
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