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ICICI Bank launches credit-linked subsidy scheme under 'Pradhan Mantri Awas Yojana'

                                                                                                                                                                                                                                    March 10, 2016

Mumbai: 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 (pucca) house of the family by paying significantly lower Equated Monthly Instalments (EMIs).


ICICI Bank has signed an MoU with National Housing Bank (NHB), 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. The subsidy is computed on the Net Present Value method.


Talking about the scheme, Rajiv Sabharwal, Executive Director, ICICI Bank said, “ICICI Bank is committed to support the Government's vision to provide housing for all by 2022. In line with this commitment, we have 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. We believe that this scheme will empower a larger section of customers including women borrowers to realise the dream of owning their first home.”


Key highlights of the scheme:

  • Loan amount: Loan as per eligibility of customer. No maximum limit on loan amount
  • Loan tenure : Up to 30 years based on the guidelines of the Bank
  • Maximum tenure for subsidy computation: As per guidelines of the scheme, 15 years or the tenure of the loan, whichever is lower


The scheme is available to those without a brick-and-mortar (pucca) house, with families comprising husband, wife and unmarried children. Interested customers can apply for the scheme at branches of ICICI Bank which offer this facility. To read more visit https://www.icicibank.com/knowledge-hub/blog/how-much-time-does-it-take-to-get-pmay-subsidy.


The Pradhan Mantri Awas Yojana guidelines defines economically weaker section as households having an annual income up to Rs.3 lakh and low income group as households having an annual income of above Rs 3 lakh up to Rs. 6 lakh. The guidelines further mention that the states and union territories shall have the flexibility to redefine the annual income criteria as per local conditions in consultation with the centre. To read the guidelines, visit http://mhupa.gov.in/writereaddata/01_PMAY_Guidelines_English.pdf


ICICI Bank services its large customer base through a multi-channel delivery network of 4156 branches, 13,372 ATMs (at December 31, 2015), call center, internet banking www.icicibank.com , mobile banking, banking on Facebook & Twitter, 'PocketsbyICICIBank' the country's first digital bank. For news and updates, visit www.icicibank.com and follow us on Twitter at www.twitter.com/ICICIBank


About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is a leading bank in India with consolidated total assets of US $ 132.17 billion at March 31, 2015. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.


Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.


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