The cashback will start to accrue from the first EMI and will get credited to the customer after the completion of the 36th EMI. (Image: Reuters)
Private-sector lender ICICI Bank on Thursday launched a new home loan scheme that offers borrowers 1% cashback on every equated monthly installment (EMI) for the entire tenure of the loan. The scheme will be available for home loans with tenure of 15-30 years. The cashback will start to accrue from the first EMI and will get credited to the customer after the completion of the 36th EMI, the bank said in a statement. Subsequently, after every 12th EMI, the cashback will get credited to the customer. Regular payment of EMIs is essential to receive the benefit, the bank said. The bank said the offer is also available for loan against property, lease-rental discounting and top-ups on existing mortgage loans. Both Indians and non-resident Indians are eligible for this offer. The borrowers can also transfer their existing home loan to ICICI Bank. Earlier this month, ICICI Bank had launched another cashback offer for customers who avail a new home loan or transfer their existing home loan to ICICI Bank.
As part of this offer, the customers will get a cashback of 20% (up to Rs 10,000) on minimum spend of Rs 30,000 on their ICICI Bank credit or debit cards. The offer is valid from September 1, 2017 to November 30, 2017. The bank is also offering a 20% step-up loan for home buyers. The three offers can be clubbed together, the bank said. Lenders typically launch new offers on loans during the festive months when the demand is substantially higher compared to the rest of the year.
“We are seeing that customers are again becoming more confident of investing in buying a house, especially the RERA-certified projects. And since this is the beginning of the festive season, we felt it was the right time to launch these offers,” said Anup Bagchi, executive director, ICICI Bank.
ICICI Bank’s home loan business clocked a growth of 17% in the April-June quarter and the lender is confident of holding on to the growth momentum, Bagchi said.
Last month, Axis Bank had launched an affordable home loan product that will allow borrowers applying for loans of up to Rs 30 lakh the benefit of 12 EMIs being waived.
