ICICI Bank launches credit-linked subsidy scheme for women under PMAY



Country’s largest private sector lender ICICI Bank today launched a credit-linked subsidy scheme for home loans under Pradhan Mantri Awas Yojana (PMAY).


Under the scheme, an eligible customer will get a subsidy at 6.5 per cent per annum on a maximum amount of Rs 6 lakh or the loan amount, whichever is lower, for a maximum tenure of 15 years. An individual including women borrowers from the economically weaker section and the 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).ICICI Bank has signed a MoU with National Housing Bank (NHB) to facilitate the credit-linked subsidy to eligible borrowers.

From the scheme, ICICI Bank is committed to supporting Government’s vision to provide housing for all by 2022. We believe that this scheme will empower a larger section of customers including women borrowers to realize the dream of owning their first home.

National Housing Bank:
National Housing Bank, a wholly owned subsidiary of Reserve Bank of India, was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB is an apex financial institution for housing. National Housing CEO Shri Sriram Kalyanaraman. Founded in July 9, 1988.

Extra info:
  • ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara.
  • ICICI CEO – Chanda Kochhar.

So lets do:

  • Who is ICICI Bank CEO?
  • Which private sector bank launched a credit-linked subsidy scheme for home loans under Pradhan Mantri Awas Yojana?

Source – The Hindu

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