New home loan scheme for informal workers: One needs to have ₹1,500 in account to apply1 min read . Updated: 16 Sep 2020, 04:14 PM IST
- Under this new scheme, borrowers require minimal documentation for loan approval
- At ICICI Home Finance, we aim to offer loans to the hard-working professionals in the informal sector of the economy, said the company
ICICI Home Finance on Wednesday launched a micro loan scheme — 'Apna Ghar Dreamz' for skilled professionals. Those who are working in the informal sector will be eligible to get a home loan ranging from ₹2 lakh to ₹50 lakh.
"At ICICI Home Finance, we aim to offer loans to the hard-working professionals in the informal sector of the economy and local business people to fulfil their dream of owning their 'Apna Ghar'," the company said in a statement.
Gone are those days when you need a lot of documents to avail a home loan. Under this new scheme, borrowers need to show PAN card, Aadhaar card details and bank statement of past six months to get a loan. "Since our branch employees are local residents with an understanding of the regional economy, our in-house legal and technical experts assist in processing home loans applications in a quick and hassle-free manner with minimal documentation," said Anirudh Kamani, managing director and chief executive officer, ICICI Home Finance Company Limited.
Customers should have a minimum account balance of ₹1,500 to apply for a loan of up to ₹5 lakh. For a loan above ₹5 lakh, at least ₹3,000 will be required in the bank account.
Customers can also avail all the benefits of the Pradhan Mantri Awas Yojana (PMAY) which is a credit-linked subsidy scheme (CLSS) for lower income groups or economically weaker sections (EWS/LIG) and middle income groups (MIG – I & II), the company said.
Who can borrow?
The skilled professional include informal workers such as carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, manufacturing machine operators, computer mechanics, RO repair technicians, small and medium business owners and grocery store owners in the city, the company said.
The loan scheme is targeted at the informal segment of the population who wish to purchase their own home, but may not have all documents that a formal financial institution would require, ICICI Home Finance said.