Take home loan, bank will give you cash for EMIs

New Delhi, Sep 28: Here's a golden chance for you.  Take a home loan and the bank will give you cash to pay your EMI. To woo borrowers in this ongoing festive season, ICICI Bank has launched cashback scheme for those availing home loans till November 30. 

Under the scheme, customers who avail a new home loan or transfer their existing home loan to the bank can get cashback of 20 per cent up to a limit of Rs 10,000, ICICI Bank said in a statement. The cash back amount is based on minimum spend of Rs 30,000 from the customer's ICICI Bank credit or debit card, it said. This offer is valid from September 1, 2017 to November 30, 2017.

 "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," said the bank.

In case you have taken a loan of Rs 30 lakh loan for 30 years, your total yearly EMIs work out  to Rs 22,749 annually. Under the new offer, at the end of the third year you will get a total cashback of Rs 8189 for the first three years and then Rs 2,720 every year.  However, the defaulters will not get the cashback benefit.

News24Bureau with agency inputs