Oct 162016

ICICI Apna Ghar Scheme

The ICICI bank is also acting along with the government to provide ‘Housing for All’ – a scheme that has been launched by the government. To take the loan from the ICIC bank you will have to fulfill certain criteria. Today we will tell you all you need o know about booking this loan from ICICI bank in details.

ICICI Apna Ghar Scheme

Who is eligible for this scheme?

Anyone who is salaried or self employed or belonging to business class or even retired jointly with a spouse or son who has a regular income can join. This means that even if you are a retired individual, you can take the loan but you need to take it jointly with a partner who can repay the loan in installments. Apart from this, even self employed individuals can apply.

What are the purposes for taking this loan?

An individual can take this loan for the purse of repairing and renovating their existing home. Consequently, they can take this loan for shifting their loans or takeover of loans by ICICI bank from other financial institutions where this loan was taken from. This means that if the loan was taken from any other financial institutions, they can shift that loan to this bank.

Also, if an individual is interested in purchase of ready built houses or flats or land or any construction, they can apply for this loan.

How can I repay this loan?

The repayment schemes are also highly flexible. To repay this loan you will be given a fixed amount of years which are already relaxed because o the government norms. Roughly, you will be given 20 years to repay the loan if you have purchased a house or apartment. These 20 years includes the moratorium period as well. On the other hand in case of loans for repairs or renovation, you need to repay the loans within 9 years.

All of these are relaxed norms so as to make sure that the person is able to fully repay the loan without having any extra pressure.

What are the securities to be provided to obtain this loan?

This loan scheme is targeted towards the Economically Weaker sections and Low Income Groups. Therefore the securities are also flexible. You will have to –

  • Provide equitable mortgage of property. This type of mortgage or security will be purchased out of the loan. If you want to take the loan you will have to agree to do so.
  • The fee deposit receipt along with the Bappi Patta will also be eligible for acting as a security. This means that you can provide the two and use them as a mortgage for the loan.

What are the charges for foreclosure?

The charges are foreclosure for this type of loan is 2% of the prepaid amount paid – if the account is closed prematurely. However, if you prepay up to 6 six installments, then no foreclosure charges will be levied on your loan. This just means that if your account is closed prematurely before the last 6 installments are paid, then no foreclosure charges will be levied.

 Quantum of loan

The quantum of loan depends upon the purpose. A maximum of Rs. 100 lakhs is the quantum for buying houses/flats and Rs. 10 lakhs for repair and renovation.

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