ICICI Bank, Axis Bank introduce 'cashback' home loans
Private sector banks ICICI Bank and Axis Bank have introduced ‘cashback’ home loan schemes for its borrowers.
ICICI Bank has started a 1% cash back scheme for its home loan borrowers on their monthly instalment payment.
It can help a borrower get up to 11% of the principal amount in a 30-year loan period.
The bank has introduced two more schemes, 20% cashback for spends by its debit and credit card customers up to a maximum of Rs 10,000 and a 20% step-up repayment, which can also be available alongside only for new home loan borrowers.
Axis Bank has also launched an offering to waive EMIs if the borrower does not default on EMIs.
The idea is that the borrower pays regularly through the loan contract period without the need for pre-payment.