ICICI Bank has unveiled a credit-linked subsidy scheme for home loans under Pradhan Mantri Awas Yojana (PMAY). The bank has signed a Memorandum of Understaning (MoU) with National Housing Bank (NHB) to facilitate the credit-linked subsidy to eligible borrowers.
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 equated monthly installments (EMIs) and an eligible customer will get a 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.
ICICI Bank is India's largest private sector bank with consolidated total assets of $ 132.17 billion at March 31, 2015. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.
