ICICI Bank’s credit-linked subsidy for PM Awas Yojana

In order to support Government’s vision to provide housing for all by 2022, India’s largest private sector lender ICICI Bank has announced a credit-linked subsidy scheme for home loans under Pradhan Mantri Awas Yojana (PMAY). Under this scheme, individuals including women from the economically weaker sections will be able to acquire and construct their first brick-and-mortar house by paying significantly lower equated monthly installments (EMIs), ICICI Bank said in a statement.

ICICI Bank has signed a Memorandum of Understanding (MoU) with National Housing Bank (NHB) to facilitate the credit-linked subsidy to those borrowers who do not have a brick-and- mortar (pucca) house, with families comprising husband, wife and unmarried children.

As per the scheme, an eligible customer will get a subsidy at 6.5% per annum on a maximum amount of Rs 6 lakh or the loan amount, whichever is lower, for a maximum tenure of 15 years. The subsidy will be computed on the net present value method.

IIT-Kanpur to test new technologies

The Housing Ministry has commissioned a study on testing new construction methods in the country with a purpose of promoting new technologies in housing. The Ministry has therefore, approved a proposal in this regard made by the Indian Institute of Technology, Kanpur and will support this  study with a financial aid of Rs 31.34 lakh. The study is supported under Technology Sub-Mission of Pradan Mantri Awas Yojana (PMAY) to facilitate adoption of contemporary, novel and green building technologies for faster and quality construction of houses.

Presently in India, there are no Standards and Code of Practices available for most of the new technologies developed indigenously or those sourced from other countries. Hence, the Ministry felt the need for putting in place a Protocol where standardized technologies could be promoted among the public for use. The initiative comes in the context of judicious execution of Housing for All Mission launched by the GoI in June this year under which 2 crore new houses are to be built in urban areas for economically weaker sections and low income groups, according to the Ministry.

IIT- Kanpur will develop procedures for testing of modern technologies at component level and construction system as a whole (complete housing unit). State-of-the art testing methods will be recommended to evaluate the intended performance of the structural and non-structural components of fresh technologies in the industry.