ICICI is one of the leading private sector banks. It provides a cash back scheme on the home loan. 1% on every EMI will account for 11% of the total amount after thirty years which is the maximum limit of tenure. This amount is directed to the customer’s bank account. So the burrower will enjoy more benefit. The burrower can use the cash back money to cut down the remaining loan amount. A home loan with minimum term of 15 years is eligible for this cashback option. After the payment of EMI for 3 years or 36 months, one is eligible for the first cash back. Usual interest rate of home loan in ICICI is 8.35% for women applicant and 8.40% for men applicant. Between the months of September and November, the bank announced 20% cash back for its customers for the credit and debit purchases up to Rs. 10000. This scheme is also valid for the loans raised against asset.
What does 1% cashback mean?
On every EMI paid by the home loan applicant, 1% of the EMI will be given back as a benefit of the loan.
How can I get the cashback?
One can get the cashback directly to the bank account and can pay for the loan as a part pre payment, make sure about the details given related to account number, branch details and IFSC code to get the cashback on your bank account directly without any issues.
What does part pre payment mean?
Part pre payment is an option by which one can pay the loan amount part by part before the tenure. By this the principal amount will be lowered.
Is it possible to avail the 1% cashback when using different bank account to pay the EMI of the loan?
No. The EMI should be paid using the ICICI bank account to avail this benefit.
Is it possible to shift the home loan from other bank to ICICI to use this 1% cashback?
It is possible to transfer the home loan from other bank to ICICI to get this benefit.
When can one receive the cashback?
After completing 3 years those 36 months of EMI without any due, the first cash back will be provided. And after the first cash, it will be provided on completing every 12 EMIs
If I close the loan before 36 months or 3 years, am I applicable to avail the cashback?
You cannot avail the cashback if you close the loan before 36 months or 3 years.
Does the mortgage loan come under this benefit?
All the mortgage loans come under this cashback benefit. It is available for the finished constructions and unfinished constructions, this offer available for minimum tenure of 15 years to maximum tenure of 30 years.
Does this cashback eligible for prepayments or part prepayments settlement?
The cashback offer not applies to prepayments or part prepayments. The cashback offer only applies on EMI payments.
Overdues do affect the eligibility of this offer?
No, overdues in past history don’t affect this cashback benefit, the calculation made with all the paid EMIs.
How a person get this cashback if complete the loan after 40 EMIs?
After the first cash back credit, the cash back for the remaining will be determined based on the EMIs paid on that year.
If an EMI is missed over a time, then is it possible to avail this offer?
If the EMI due has not been paid till the calculation made for the year’s cashback, one cannot avail the benefit. But if the due is paid before the calculation, one can enjoy this benefit.
Do NRIs avail this offer?
All NRIs can avail this offer. But the cashback can be only used as a part payment option.