ICICI Home Finance has launched a special affordable housing loan scheme, with special rates for women, lower and middle income groups. Called SARAL, it aims to fund homes in urban and rural areas.
The product has been developed for women, lower, middle income customers and economically weaker sections having maximum household income up to ₹6 lakh annually, it said in a statement on Thursday.
SARAL offers affordable housing loans up to ₹35 lakh at an interest rate starting from 7.98 per cent onwards, for a maximum tenure of 20 years, it said. It added that customers with pre-existing loans can also transfer their loans.
ICICI HFC’s SARAL loan requires a mandatory woman ownership in rural areas of the country for a household income of ₹3 lakhs to ₹6 lakhs.