MUMBAI: In an attempt to enhance market share, ICICI has come up with a cashback feature in its home loans, where you get an opportunity to receive an amount equivalent to 1 per cent of their annual repayment. The cashback for the first three years will be paid at the end of the third year and every year thereafter.
Point to be noted here is that the cashback feature is available on all new home loans taken out by both resident as well as non-resident borrowers. “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,” the bank said in a statement.
“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. We believe that this proposition will propel customers to fulfil their aspirations of owning a home,” said Anup Bagchi, executive director, ICICI Bank.
This new development has come at a time when banks are witnessing a slowdown on credit growth.