ICICI Bank launches Cashback home loans

Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a new home loan, which offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. A unique offering in the industry, it is available for home loans with a minimum tenure of 15 years. 

 

This new home loan 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. Both residents as well as NRI borrowers are eligible to apply for the cashback home loan.

 

Speaking on the launch, Mr. Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank catalysed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable. As a result of our continued endeavor, we have the largest mortgage portfolio among private sector banks in the country. We foresee that a combination of young population and rapid urbanization will lead to the emergence of growing demand for housing in the country. 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. “