ICICI Bank Launches ‘ICICI Bank Saral-Rural Housing Loan’ At Base Rate

ICICI Bank, India's largest private sector bank, today announced a new home loan proposition, ‘ICICI Bank Saral-Rural Housing Loan', with a special interest rate.

Applicants from rural areas including women borrowers as well as seekers from weaker sections can now avail home loans at the ICICI Bank Base Rate ("I-Base") which is currently at 9.70%.

An eligible borrower can take up to Rs.15 lac under the ‘ICICI Bank Saral-Rural Housing Loan'.

Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, "ICICI Bank is committed to support the socio-economic development of a larger section of the society. We believe that ‘ICICI Bank Saral-Rural Housing Loan' will empower customers including women borrowers in the rural locations to realize the dream of owning a home at an affordable interest rate."

The customers can avail the loan to purchase or construct or renovate a home in rural areas.

Interested customers can apply for the ‘ICICI Bank Saral-Rural Housing Loan' at any ICICI Bank branch in the locations where the loan is being offered.

The key features of ‘ICICI Bank Saral-Rural Housing Loan' are:

• Rate of Interest : At "I-Base" which is currently at 9.70%
• Loan amount : Rs 5 lac- Rs 15 lac
• Loan Tenure : 3 years - 20 years
• Type of loan : Floating rate home loan

ICICI Bank services its large customer base through a multi-channel delivery network of 4052 branches, 12811 ATMs (at June 30, 2015), call center, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘Pockets'.

The definition of weaker section and rural areas is as per the Circular of Refinance Schemes for Scheduled Commercial Banks by National Housing Bank (NHB) dated 01-02-2013.

‘Rural area' is defined as the area comprised in any village, including the area comprised in any town, the population of which did not exceed 50,000 as per the 1991 Census.

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