ICICI Bank launches new home loan 'Cashback' facility for its customers; This is what offer is

Ahead of festive season, ICICI Bank on Thursday announced the launch of new home loan facility 'Cashback' for its customers. 

The new home loan 'Cashback', offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. The offer is available for home loans with a minimum tenure of 15 years.

If you are thinking, how it will work, then we tell you. The cashback will start to accrue from the first EMI itself. It will first get credited to the customer after completion of 36th EMI. Subsequently, after every 12th EMI, it will get credited to the customer.

According to the official release, the new home loan facility empowers borrowers to select their preferred mode of cashback. They can choose to utilize the cashback to prepay the principal outstanding of their home loan or take credit in their ICICI Bank account.

Speaking on the launch, Anup Bagchi, Executive Director, ICICI Bank said, “Our new home loan offering offers a compelling and unparalleled benefit of 1% cashback on every EMI to customers. We believe that this proposition will propel customers to fulfill their aspirations of owning a home. “

Moreover, both residents as well as NRI borrowers are eligible to apply for the cashback home loan. Also, new offer is also available for other mortgage products like loan against property, lease-rental discounting and top-ups on existing mortgage loans.

At 1215 hours the shares of ICICI Bank were trading at Rs 274.30 per piece, down 0.71% or Rs 1.95 on BSE.