ICICI Bank launches ‘Saral-Rural Housing Loan’ Scheme for weaker sections

India’s largest private sector lender Industrial Credit and Investment Corporation of India (ICICI) Bank has launched ‘ICICI Bank Saral-Rural Housing Loan’ Scheme for weaker sections of society.
The scheme is new home loan proposition of the bank with special interest rate to cater people from rural areas including women borrowers as well as from weaker sections.
Key facts

• Housing loan will be provided at the ICICI Bank Base Rate (known as I-Base) which is currently at 9.70%.
• An eligible customer can avail of loan to purchase, construction or renovation of a home in the rural areas.
• The loan will range from five to fifteen lakh rupees for a period of 3–20 years and the loan can be up to 90 per cent of the property value.
• This scheme will be available be available in 189 cities across the country.

With the launch of this scheme, the private bank seeks to support the socio-economic development of a larger section of the society especially economically deprived sections. It also seeks to empower customers including women borrowers in the rural locations in order to realize the dream of owning a house.

Month: Current Affairs - August, 2015