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ICICI Saral Rural Housing Loan

Apply For ICICI Bank Saral Rural Housing Loan

Last Updated 18th Oct 2021

  • You can avail ICICI Saral Rural Housing Loan to purchase land for the construction of a dwelling unit, renovation or upgradation of house in rural areas.
  • The interest rates on home loans vary based on your eligibility. The rates are in the range of 6.75% - 7.15%.
  • Both Salaried and Self-employed can avail of ICICI Bank Saral Rural Housing Loan for loan amount upto ₹ 15 Lakh.
  • Apply for ICICI Saral Home to avail benefits such as tax deductions, interest subsidy under the PMAY scheme etc.
  • The eligibility for a home loan varies based on factors such as age, occupation, income etc.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

What is ICICI Saral Rural Housing Loan?

ICICI Bank Saral Rural Housing Loan is a special home loan scheme designed to empower the women borrowers and weaker sections of the society to build their dream house. The eligible borrowers can avail of the credit facility for purchasing a new property, acquiring, constructing, renovating or up-grading a house in rural areas. The bank offers upto 90% of the property's value for a loan amount ranging from ₹ 5 Lakh to ₹ 15 Lakh.

Features and Benefits of Saral Rural Housing Loan

The key features of Saral Rural Housing Loan are provided below:

  • You can avail of ICICI Saral Rural Home Loan at an interest rate starting at 6.75%.
  • The home loan is available for up to 90% of the property's value ranging from ₹ 5 Lakh to ₹ 15 Lakh.
  • The repayment scheme allows a flexible tenure ranging from 3 to 20 years.
  • Under Pradhan Mantri Awas Yojana, you can avail of an interest subsidy benefit of upto ₹ 2.67 Lakh for ICICI Saral Rural Housing Loan.
  • The explanation for the weaker section and rural places is explained by ICICI Bank based on the Circular of Refinance Schemes for Scheduled Commercial Banks as defined by the National Housing Bank (NHB), which came into effect in 2013. It has defined ‘Rural Area’ as a place which is a part of any village or small town with a populace of less than 50,000 as specified in the 1991 Census.

What are the Eligibility Criteria for ICICI Saral Rural Housing Loan?

To avail of ICICI Saral rural housing loan, you need to fulfil the eligibility criteria as mentioned below:

  • Resident: Indian Resident
  • Age: 21 - 65 years
  • Loan Tenure: Upto 20 years
  • Loan Amount: ₹ 5 Lakh - ₹ 15 Lakh
  • CIBIL Score: 650 or above

What are the Interest Rates of ICICI Saral Rural Home Loan?

  • The Interest Rates for ICICI Saral Rural Home Loan varies based on loan amount and occupation.
  • However, the interest rates are in the range of 6.75% - 7.15%.
  • The bank also charges a processing fee of upto Upto 0.25%, Minimum ₹ 5,000 and Maximum ₹ 5,000 of the loan amount

Documents Required for Saral Rural Housing Loan ICICI

To apply for Saral Rural Housing Loan from ICICI Bank, you need to submit the documents as mentioned below:

  • Application form with a duly signed photograph
  • Identity, Address & Age Proof
  • Last six months bank statements
  • Last three months Salary-slips( Only in case of salaried)
  • Processing fee cheque
  • Form 16 / Income Tax Returns
  • Proof of business existence (For self-employed professional & non-professionals)
  • Proof of business existence (Only for self-employed professionals)
  • Last three years Income Tax Returns with computation of Income(For self-employed professional & non-professionals)
  • Last three years CA Certified / Audited Balance Sheet and Profit & Loss Account (For self-employed professional & non-professionals)

How to Apply for a Saral Rural Housing Loan?

You can apply for a Saral Rural Housing Loan through various modes as mentioned below:

  • Online: At the bank’s website or at any online marketplace like MyLoanCare. Click here to apply now for home loan.
  • Offline: By visiting the nearest branch

FAQs

What is the Processing Fees on ICICI Bank Saral Rural Home Loan?

The bank charges a processing fee of upto ₹ 5,000 of the loan amount on ICICI Bank Saral Rural Home Loan.

What are the Prepayment Charges on Saral Rural Home Loan ICICI Bank?

If you decide to repay your home loan before the predetermined repayment tenure, you will have to pay a penalty of Nil on Saral Rural Home Loan.

What is the Minimum Tenure for ICICI Bank Saral Rural Home Loan?

The minimum and maximum repayment tenure for ICICI Bank Saral Rural Home Loan is fixed at 3 years and 20 years, respectively.

Are there any tax benefits on Bank Saral Rural Housing Loan ICICI?

Yes, the tax benefits on the Saral housing loan from ICICI Bank is applicable both for principal amounts and interest payments. Therefore, you can claim a tax deduction of ₹ 1.50 Lakh & ₹ 2 Lakh on the principal amount and interest payment, respectively.


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