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  • ICICI Apna Ghar Dreamz Home Loan for Informal Workers

    ICICI Home Finance has launched a new microloan scheme called the Apna Ghar Dreamz home loan scheme. This scheme has several salient features, such as the target demographic being skilled workers in the informal sector, minimal documentation, and quick processing of loans in just 72 hours with the assistance of legal and technical experts. Apna Ghar Dreamz aims to help those who work in the informal sector who may not be able to furnish all the documents that are usually required for a home loan from a traditional financial institution.

    ICICI Apna Ghar Dreamz PMAY Benefits

    Home loan borrowers, who fall under the Economically Weaker Sections (EWS), Lower Income Groups (LIG), or Middle Income Groups (in MIG-I and MIG-II category) can also avail benefits under the Pradhan Mantri Awas Yojana’s Credit-Linked Subsidy Scheme (CLSS).

    Under this ICICI home loan scheme, borrowers are eligible for a subsidy of up to Rs.2.67 lakh on their home loans.

    Who is Eligible?

    The Apna Ghar Dreamz home loan scheme is open to skilled professionals belonging to informal sectors. This includes electricians, welders, carpenters, plumbers, painters, auto mechanics, tailors, machine operators, machine repair technicians, computer mechanics, etc. It is also open to entrepreneurs who have small or medium businesses such as owners of grocery stores.

    Customers should also have a minimum balance in their savings accounts of up to Rs.1,500 in order to be eligible for a home loan of up to Rs.5 lakh. Those who require a home loan exceeding Rs.5 lakh should maintain a minimum balance of Rs.3,000 in their savings account.

    In order to be eligible for the scheme, individuals should be Indian nationals, between 23 to 60 years of age (where income is considered) or between 18 to 80 years of age (where income is not considered). The minimum income required is Rs.7,000 per month.

    Check: ICICI Bank Home Loan Eligibility

    Home Loan Amount

    Home loans ranging from Rs.2 lakh to Rs.30 lakh (and up to Rs.50 lakh in Delhi and Mumbai) are provided to eligible individuals under this scheme. Up to 80% of the market value of the property can be availed as the home loan. The repayment tenure is up to 240 months.

    Documents Required

    The documents required to apply for the ICICI Home Finance Apna Ghar Dreamz Micro Loan scheme are as follows:

    • Bank statements of the last 6 months

    • Proof of residence and identity such as Aadhaar card, Voter ID card, PAN card, or NREGA-issued job card

    • Property documents (if property has been finalised)

    Please note that income proof documents are not mandatory to be eligible for this home loan scheme.

    The ICICI Home Finance Apna Ghar Dreamz scheme now makes a home a possibility for every hardworking individual in India, even if they work in the informal sector.

    ICICI Home Loan Related Pages


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