ICICI introduces cash-back home loan offer
Posted on: 29/Sep/2017 2:55:19 PM
India’s largest private sector bank, ICICI, has announced that the people who take their housing loan on Thursday, will be given a 1% cash-back offer for each EMI till the last EMI.
To avail, this concession, the loan repayment period must be between 15-30 years.
Part of the loan can be paid back with this cash-back offer. The customers have the option to select the cash-back amount to be used paying the loan or credit to the account.
The cash-back offer will be available right from the 1st installment of the EMI. However, the amount will be made available only after paying 36 EMIs.
After this, for every 12 EMIs, the cash payment will be available. This does not have any limit on the loan amount.
So, in case the customer pays EMIs for 30 years, up to 10% of the loan amount can be saved through this cash-back offer.
As the interest rates have been lowered, loans have become cheaper. So, the bank is ready to offer some concessions. This is the ideal time to get a loan.
For an example, if the individual has taken a loan for Rs. 20 Lakhs to be repaid in 30 years, the cash-back offer received will enable a saving up to Rs. 324801. If the loan repayment period is 15 years for a loan of Rs. 30 lakhs, the cash-back will enable concessions up to Rs. 85340.
This concessional from ICICI can be availed in other kinds of loan such as property mortgage, lease, rent discount and top-up types of mortgage loans. NRIs will also be eligible for this cash-back offer.
In the quarter ending June, there has been a 17% increase in the housing loans given. It is also notable that in the previous financial year, 53.6% of the retail loans of the bank was for housing loans.
