ICICI is offering 1% cash back on every Home Loan EMI with the cashback benefit up to 30 years with respect to the loan tenure for every customer. Under this scheme, the borrower will receive 1% cashback on every EMI paid for the entire loan tenure.
The cashback amount will be automatically credited to your account or shall get adjusted against principal outstanding of your loan. The cashback will be nearly 10% of the principal amount.
- Remember that this offer is available only for the customers who are making their loan repayment through ICICI Bank account.
- The scheme is available for new home loan and mortgage loan customers.
- For ICICI Bank Home Loan, The product is available with a minimum tenure of 15 years and upto 30 years.
- The cashback will be processed after the first EMI itself.
- Cashback amount will be provided to the customers only after the completion of 36 EMIs and afterwards on an yearly basis i.e 12 EMIs.
- Balance transfer facility is available.
- Flexibility of either opting for direct Cashback credit to your ICICI Bank account or as pre-payment in your loan account.
- Scheme is available for NRI customers also.
Recently in August 2017, Axis Bank also launched ‘Shubh Aarambh’. In this scheme, 4 EMIs will be waived off at the end of the 4th, 8th & 12th year from the date of first disbursement, i.e 12 EMIs waived off at no extra cost on regular payments of Monthly Instalments.
Loan tenure period has to be 20 years to avail the service. The age of the borrower should not exceed more than 60 (for Salaried) or 65 ( for Self – Employed) years respectively at loan maturity.
Both the banks are offering cash back on there home loan products. According to the experts this step will surely help the customers in encouraging affordable housing scheme success and the dream of ‘Housing for All’ will be fuelled to a great extend.