Apply Online for ICICI Home Loan Scheme 2021 Under Pradhan Mantri Awas Yojana (PMAY)

Apply Online for ICICI Home Loan Scheme 2021 Under Pradhan Mantri Awas Yojana (PMAY)

ICICI bank home loan scheme under the credit-linked subsidy component of Pradhan Mantri Awas Yojana has been launched. The bank will provide home loans of up to Rs. 6 Lakh to the people belonging to EWS and LIG categories at a special interest rate. Moreover, ICICI Bank will provide home loans of up to Rs. 9 lakh to MIG-I category people while up to Rs. 12 lakh for MIG-II category people.

The bank will provide a subsidy for eligible EWS / LIG borrowers at 6.5% per annum on a maximum amount of Rs. 6 Lakh for a tenure of up to 15 Years. The subsidy for MIG I category borrowers is 4% p.a and subsidy for MIG-II category borrowers is 3% p.a. ICICI Bank has signed an MoU with the National Housing Bank (NHB) to provide loans under PM Awas Yojana.

In this article, we will tell you about the complete details of the ICICI Bank Home Loan Scheme under Pradhan Mantri Awas Yojana for EWS / LIG / MIG-1 / MIG-2 category people.

ICICI Bank Home Loan Scheme 2021 under PMAY

The Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) was announced by our Honourable Prime Minister Shri Narendra Modi. This scheme envisages the vision of housing for all by the year 2022. With ICICI Bank, you can avail the benefits of the Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana.

Under this scheme, an interest subsidy on purchase, construction, extension, or improvement of a house is provided to customers belonging to the Economically Weaker Sections (EWS), Low Income Groups (LIG), or Middle Income Groups (MIG). For details, give us a missed call on 9022499400.

How to Apply for ICICI PMAY Home Loan

Here is the direct link to apply online for PMAY Home Loan from ICICI Bank –

Salient Features of ICICI Bank PMAY Home Loan Scheme

Subsidy benefitExtended loan tenureNo limit on loanOption for additional loan 
Interest subsidy benefits up to ₹2.67 lakh*Loan repayment tenures of up to 20 years.No cap on the amount of the loan or on the cost of your propertyAn option to avail additional loans at non-subsidized rates.

ICICI Bank PMAY Home Loan Scheme

Eligibility Criteria for ICICI Bank PMAY Home Loan Scheme

Your eligibility to avail of the benefits under the Pradhan Mantri Awas Yojana (PMAY) scheme from ICICI Bank is basis the below-mentioned parameters:-

Type of SchemeEWSLIGMIG 1MIG 2
Family Income (in Rs.)0 to 3 lakh3 to 6 lakh6 to 12 lakh12 to 18 lakh
Carpet Area – Max (sq. mt)30 sq. mt60 sq.m160 sq.m200 sq.m
The maximum amount of the loan on which subsidy is calculated (Rs.)6 lakh6 lakh9 lakh12 lakh
Interest subsidy (%)6.5%6.5%4%3%
Maximum subsidy (Rs.)2.67 lakh2.67 lakh2.35 lakh2.3 lakh
Validity of scheme31 March 202231 March 202231 March 202131 March 2021
Ownership of the property by a womanMandatory*Mandatory*Non MandatoryNon Mandatory

ICICI Bank PMAY Home Loan Scheme

Other important things to note about the eligibility criteria

  • If you are the beneficiary, your family should not own a pucca house in your name or in the name of any member of your family in any part of India.
  • In the case of a married couple, either of the spouses or both the spouses together in joint ownership will be eligible for a single subsidy.
  • The beneficiary family should not have availed of central assistance under any housing scheme from the Government of India or any benefit under any scheme in PMAY.

ICICI PMAY Home Loan Calculator

Direct link to access ICICI PMAY Home Loan Calculator –

How to Get Home Loan Subsidy from ICICI Bank under PMAY

Here is the complete process to avail of the subsidy under the PMAY scheme. If you are eligible for the subsidy under the PMAY scheme and if you have not availed the same while taking a home loan from ICICI, you can submit your request separately. We will review your request for claiming the subsidy and then submit the claim to the National Housing Bank.

Please follow the process outlined below:

  • Click here to download the Self Declaration form
  • Submit the form, duly filled, at the asset servicing branch of ICICI Bank that is nearest to you. Click here to view the nearest asset servicing branch.
  • Please carry the original document of your proof of ID.
  • Aadhaar number is mandatory to avail of the subsidy. So, we request you to carry the original Aadhaar card of all the members of your family.

Important points:

  • You need to provide the correct details of the members of your family.
  • The signatures of all the applicants and co-applicants (wherever applicable) are required on the Self Declaration Form.
  • The subsidy is subject to approval and clearance from the National Housing Bank.

The home loans under PM Awas Yojana are available at 2513 branches of ICICI bank across the country. The complete list of the bank branches where the loan is available here.

Beneficiaries under the PMAY scheme from ICICI Bank

This scheme is offered to families comprising of husband, wife, and unmarried children. An adult earning member, irrespective of their marital status, can be treated as a separate household in the MIG category.

The family should not own a pucca house in the name of the beneficiary or in the name of any member of the family of the beneficiary, in any part of India.

How the bank will provide the loan at a subsidized rate

The bank will claim subsidy benefits for eligible borrowers from National Housing Bank (NHB). The NHB will conduct due diligence to exclude claims where the customer has submitted multiple requests. For all eligible borrowers, the subsidy amount would be paid to the Bank. Once the bank receives the interest subsidy, it will be credited upfront to the Loan Account. The subsidy will be calculated on an NPV basis at the rate of 9% discount rate.

For example, the borrower avails a loan for Rs. 8 Lakh, and the subsidy works out to Rs. 2,20,000. The amount (Rs. 2,20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5,80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5,80,000.

* The above example is for illustration purpose only and will depend on the actual amount received or any changes done by NHB on the same.

Additional Documents Required to Submit to Avail the Loan

  • Declaration of not owning a pucca house.
  • Customers not having income proof would require to submit an Affidavit.

List of Bank Branches to Avail the Home Loan Under PMAY

The home loan amount sanctioned to the eligible EWS/LIG applicants will depend upon their repayment capability. The loan however can be spread out for up to 30 years. The home loan scheme will significantly help to bring down the EMI amount. The applicants can, however, apply for a larger amount but the loan amount beyond Rs. 6 Lakh will be provided at a non-subsidized rate of interest. The home loan could be availed from any of the bank branches of ICICI Bank.

Download the complete list of ICICI bank branches

The Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet, etc. to existing dwellings as incremental housing. The carpet area of houses being constructed under this component should be up to 30 sq. m. for the EWS category and up to 60 sq. m. for LIG category. However, the beneficiary can construct a bigger house.


Apply Online for ICICI Home Loan Scheme 2021 Under Pradhan Mantri Awas Yojana (PMAY)

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