ICICI Bank is one of the leading Indian multinational banks in our country. The wide range of financial products they offer and the excellent customer service they are known for has made them quite popular in a very short span. ICICI Bank adapts to change as required and introduces specially designed financial products from time to time. One such scheme that ICICI Bank offers is the Pradhan Mantri Awas Yojana.
The Pradhan Mantri Awas Yojana (PMAY) is a government initiative that was introduced by Prime Minister Narendra Modi in the year 2015. Through this scheme, the Government of India aims to provide affordable housing to the urban poor population in India by 2022. Under the tagline “Housing for all”, this scheme focuses on slum rehabilitation, Credit Linked Subsidy Scheme (CLSS), making housing affordable for all, and offer a subsidy for survey-led independent house construction or renovation.
The Government of India has sought the help of many banks to implement this scheme. ICICI Bank is one of the top banks that has joined hands with the government to make PMAY a successful scheme.
The main beneficiaries under the ICICI Bank PMAY scheme are people falling under the Economically Weaker Sections and Low Income Group. However, people falling under the Middle Income Group (MIG)
Category can also get the benefits of this plan. Refer to the table below to check if you fall under this category:
|Annual Income||Up to Rs.3 lakh||Rs.3 lakh to Rs.6 lakh|
|Maximum Loan Tenure||20 years||20 years|
Under the Middle Income Group, there are two sets of beneficiaries. The first set MIG-I covers people with an annual income of Rs.6 lakh to Rs.12 lakh p.a. The second set called MIG-II covers people who fall in the income group of Rs.12 lakh to Rs.18 lakh p.a. An Interest rate subsidy of 4% and 3% will be given to those who fall under MIG-I and MIG-II respectively. For both sets of beneficiaries, the maximum tenure of loan can go up to 20 years. The maximum loan amount can go up to Rs.9 lakh for MIG-I and Rs.12 lakh for MIG-II. Also, the discount rate for Net Present Value(NPV) is 9% for both MIG-I and MIG-II.
|Particulars||EWS||LIG||MIG I||MIG II|
|Annual Family Income||Up to Rs.3 lakh||Rs.3 lakh to Rs.6 lakh||Rs.6,00,001 to Rs.12,00,000||Rs.12,00,001 to Rs.18,00,000|
|Women as Owner||Compulsory||Compulsory||Not Compulsory||Not Compulsory|
|Allowed Carpet Area||30 sqm||60 sqm||120 sqm||150 sqm|
|Maximum Loan Amount Where Subsidy is Applicable||Rs.6 lakh||Rs.6 lakh||Rs.9 lakh||Rs.12 lakh|
If you think you are eligible for apply for ICICI Bank PMAY scheme and if you have not availed central assistance or interest subsidy on your existing home loan before, you can go ahead and apply for it right away.
Step.1: Download the Self Declaration Form from ICICI Bank’s official website.
Step.2: Fill all the mandatory information required. Please fill the details of your family members accurately.
Step.3: Please note that all applicants and co-applicants should sign the Self Declaration Form wherever required.
Step.4: Submit the duly-filled application form at the nearest ICICI Bank Asset Servicing Branch.
Step.5: Please carry a valid and original identity proof when you visit the ICICI Bank Asset Servicing Branch.
Step.6: As Aadhaar is mandatory to avail interest subsidy, please carry your Aadhaar Card when you visit.
ICICI Bank has introduced a Pradhan Mantri Awas Yojana Calculator which is now available on their official website. This calculator helps borrowers to calculate the subsidy amount they are eligible for and lets them apply for it instantly.
To explore this calculator and calculate the subsidy amount you are eligible to receive, visit the official ICICI Bank’s website and enter basic details like your annual family income, loan amount, the tenure of the loan, and the carpet area of your house. Once you have entered these details, confirm that this is your first pucca. While you are entering the details, you will be able to see the results on your right-hand side. You will be able to see the beneficiary category and the subsidy amount you are eligible for.
Q. Is there a limit on the maximum loan amount one can avail under the ICICI Bank Pradhan Mantri Awas Yojana?
Ans. No. There is no limit on the maximum loan amount one can avail under the ICICI Bank Pradhan Mantri Awas Yojana.
Q. What is the interest rate subsidy available under ICICI PMAY scheme?
Ans: For Economically Weaker Section and Low Income Group beneficiaries, the interest rate subsidy is 6.50% p.a on the applicable loan amount. For interest rate subsidy for Middle Income Group I is 4% p.a and for Middle Income Group II it is 3% p.a.
Q. Should all the family members have an Aadhaar Card to apply for ICICI Pradhan Mantri Awas Yojana plan?
Ans: Yes. If you are applying under Middle Income Group I or Middle Income Group II, it is mandatory to furnish Aadhaar details of all your family members.
Q. What is the maximum loan tenure on which PMAY interest rate subsidy is applicable?
Ans: The maximum loan tenure on which PMAY interest rate subsidy is applicable is 20 years.
Q. Are there any additional documents I have to submit to avail ICICI PMAY?
Ans: No. Apart from a declaration of pucca, your identity proof, duly-filled application form, Aadhaar Card, and your income proof, you will not be asked for any other additional documents.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.