ICICI Bank introduces for the first time in India, 1% Cashback on every EMI for the entire tenure of the loan and also offers an option to renew Fixed Interest Rate upto 20 years.
Mumbai: ICICI Bank Limited, India's largest private sector bank, today announced the launch of a new Home Loan product with "Cashback" offer for new customers. This first of-its-kind offer in the home loan industry allows a customer to get 1% cashback on every EMI for the entire tenure of the loan. As a part of this offer, customers will be provided the option of renewable fixed interest rate for the entire tenure, again making it a very unique proposition in home loan industry.
Under this cashback offer, 1% of every EMI will be returned to the customer. The cashback will start accruing from the first EMI month onwards and will get credited into customer's account after the completion of 36th EMI month. Subsequently, the 1% cashback will be accumulated every EMI month and will get credited into customer's account after every 12th EMI month. Customers can choose to avail of this cashback offering either in the form of a credit to their ICICI Bank Account or in the form of a Principal pay-down. For more details please visit http://www.icicibank.com/Personal-Banking/loans/home-loan/home-loan-cash-back/index.html
Apart from the cashback offer, for the first time, customers have also been given the option to renew their fixed rate loans for tenures of 2/3/5 years at a zero conversion fee within 30 days of completion of the initial fixed rate tenure. They can choose to renew this multiple times till the completion of the tenure. In case the customer decides not to renew, the loan will move to floating rate by default. For more details please visit http://www.icicibank.com/Personal-Banking/loans/home-loan/home-loan-cash-back/renew_fixed_interest_rate.html
The interest rates for the fixed rate option under this scheme currently are:
1. The interest rate for loan amount less than or equal to Rs 3.0 million for the initial renewable fixed period of 2,3 and 5 year tenure are 10.25%, 10.50% and 10.75% respectively.
2. The interest rate for loan amount greater than Rs 3.0 million and upto Rs 30 million for the initial renewable fixed period of 2, 3 and 5 year tenure are 10.50%, 10.75% and 11.00% respectively.
After the completion of the initial fixed rate tenure, if a customer decides to renew his Fixed Rate Home Loan, the renewable fixed rate will be decided on the prevailing ICICI Bank Base Rate (I-Base) at that point of time plus the margin decided at the time of sanction of the loan. In case the customer decides not to renew the fixed rate, the floating rate offered to him will also be decided on the prevailing I-Base Rate at that point of time plus the margin decided at the time of sanction of the loan.
The EMIs for the above product have to be paid only through an Auto Debit to an ICICI Bank account.
The product will be available with immediate effect.
About ICICI Bank: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over $119 billion at September 30, 2012. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.
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