New Home Loan Cashback Scheme by ICICI Bank

How To Link Aadhar Card With Kotak Bank

Get your free Credit report that cost  Rs 1200 for FREE

1. Build your Credit Score

2. Reduce your Current Borrowing / EMI Costs

ICICI Bank is a prominent private sector bank in India by consolidated assets. In 2017, the bank had announced a new home loan scheme, which provides borrowers with the benefit of 1% cashback on every EMI paid during the entire loan period. It is a unique offering in the finance industry by ICICI Bank and can be availed for the home loans with a minimum tenure of 15 years.

What is ICICI Cashback Scheme?

The new home loan scheme enables borrowers to choose their preferred mode for cashback, unlike cashback credit cards. Either the borrowers can utilize the cashback to prepay the loan by getting a reduction in the principal outstanding of the entire ICICI home loan, or they can receive the credit in their ICICI Bank account.

Both the Indian residents and the NRI borrowers are eligible to apply for the cash back option in a home loan. This scheme is applicable only to the customers who are making the loan repayment through ICICI Bank accounts.

Highlights of 1% Cashback Scheme

  1. It provides the customers with a benefit of 1% cashback on every EMI.

  2. It is available for new home loans to resident and NRI customers.

  3. The cashback benefit starts from the first Home Loan EMI. However, the first the cashback amount is credited upon the completion of 3 years loan period. After that, the cashback amount is credited subsequently every 12 months until the maturity of the loan period. The cashback offer is available for all the mortgage loans.

  4. For NRI customers, the cashback amount can be adjusted as a pre-payment into their loan account only. In this case, the cashback amount cannot be credited in the bank account.

  5. It can be availed for completed as well as under construction properties.

  6. This scheme is applicable to a minimum loan tenure of 15 years and can be extended to 30 years.

ICICI Bank New Home Loan Cashback Scheme of one percentage
The critical aspects of the new home loan scheme are:

  1. Loan Amount: It can be any amount as per the standard home loan offering of ICICI Bank.
  2. Eligibility: Both resident and NRI customers are eligible to apply for this scheme.

Overview of ICICI Bank & Services

ICICI Bank offers services to its large customer base with a multi-channel delivery network across 4852 branches, 13780 ATMs, phone banking, internet banking, and the country's first digital bank on mobile called

'PocketsbyICICIBank'. ICICI Bank has the most significant mortgage portfolio. Last year, it had disbursed mortgage loans of over Rs 1 trillion, becoming the first among private sector banks in India to achieve such a milestone. It also introduced few digital initiatives to make the home loan process convenient while delivering the solutions at a faster pace.

Their services comprise home loans on Tab banking, Express Home Loans offering fully online home loan approval in 8 working hours, and subsequent disbursements for under-construction projects through the mobile app.

Balance Transfer

The balance transfer/ refinancing facility is available for mortgage products, such as loans against property, lease-rental discounting, and top-ups on current mortgage loans. However, the customers who have an existing housing loan from other banks or NBFCs can go for a balance transfer facility to transfer from a high-interest loan account to a lower one.

The rate of interest for the balance transfer facility is less, and along with that, the new 1% cashback scheme reduces the loan burden to an extent. So, taking this step can be a boon for the customers.

Conclusion

With the growing fierce competition among the lending institutions and the digitalization in the loan process, many banks are coming up with various profitable schemes to assist customers in buying their dream home.

mymoneykarma offers great home loan offers as well. there are several benefits to applying for a loan throuh us. Apart from the fact that interest rates are the lowest, the application is smooth and seamless.

Due to such convenient schemes, in today's world, one can easily think of owning a home even at a young age.

 

Get your invite to mymoneykarma

Credit Score powered by
Equifax Free Credit Score®