Most Indian banks have introduced home loan cash back as well as reward offers to entice more and more borrowers from time to time. With such deals and offers, banks and other crucial financial institutions provide a direct discount with numerous additional perks for you. Such perks involve a free credit card, lower processing charges, gift cards, and others. Also, if you hold a higher credit score, then financial institutions may reward you with a lower rate of interest on the home loans. For instance, for a lower rate of SBI home loan CIBIL requirement is 750 and above. The same is for most lenders. Thus, to avail of a lower rate of interest on a home loan, you may consider making a free CIBIL score check through the online lending marketplace. Free CIBIL score SBI check is even done in the same way as you by the lender to understand your potential of repaying the loan on time. If you show a higher potential to repay the loan on time, then SBI may approve your home loan application. Otherwise, SBI may either reject or agree to approve at a higher interest rate and processing charges.
Continue reading to understand how home loan cashback functions, followed by the top financial institutions that offer cash back on home loan offers. And not just this, but also learn how to save even more by availing additional home loan cash-back benefits, besides other important benefits, by your selected lender. Let’s start with understanding what home loan cash back is.
What’s home loan cashback?
Home loan cash back infers a lumpsum amount computed by the lenders based on the paid home loan proceeds. This is a direct deposit done by the lender to your account to mitigate the eligibility requirement. Just a few selective lenders like Axis bank and ICICI bank provide home loan cashback offers for borrowers. They come with specific home loan offers with added perks like reward points, cashback, discounts and deals and others. Few banks offer home loan cashback at the time of disbursement of the loan, while few may offer the same after finishing a specific duration of home loan repayment tenure.
What are the top lenders providing cashback offers on a home loan?
Read on to learn about enticing Axis bank and ICICI home loan cash-back offers in detail –
Offers on ICICI bank home loan
ICICI bank home loan is one of the best home loan options you can opt for when purchasing a property. The home loan offers come with different benefits like a lower rate of interest, higher loan proceeds, minimal documentation, higher repayment tenures and a hassle-free application procedure, etc.
Also Check: ICICI CIBIL Score
Home loan cashback offer on ICICI bank
ICICI bank has currently come up with home loan cashback offers for loans with a minimum term of 15 years. With this offer on a home loan, you as a borrower can avail of up to 1 per cent cashback on every home loan EMI for the whole repayment tenure.
What are the crucial features of an ICICI home loan?
Below mentioned are the important features of availing ICICI home loan –
∙ Repayment tenure of as high as 30 years.
∙ Processing charges of around 0.50 % are computed based on the home loan amount that is borrowed.
∙ Higher home loan proceeds and a lower rate of interest for borrowers with a strong credit score.
∙ Digital sanction of the home loan offers.
∙ Cashback on the repayment of home loan EMIs.
Festive offer pricing
| CIBIL score | Self-employed | Salaried individual |
| Less than and equal to 800 | Repo rate + 2.50 per cent (8.40 per cent) | Repo rate + 2.50 per cent (8.40 per cent) |
| 750 – 800 | Repo rate + 2.60 per cent (8.50 per cent) | Repo rate + 2.50 per cent (8.40 per cent) |
Home loan processing charges for the festive period
As part of the festive offer, the special processing charge applicable is Rs 2,999.
Note that special processing charges are just applicable for those with a credit score of 750 and above and a loan amount requirement of Rs 50 lakh and above. This offer is valid until 30th November 2022.
ICICI bank’s standard pricing
Salaried individual
| Slab | Floating rate of interest |
| Up to Rs 35 lakh | Repo rate + 2.70 per cent (8.60 per cent) – repo rate + 3.45 per cent (9.35 per cent) |
| Rs 35 lakh and Rs 75 lakh | Repo rate + 2.70 per cent (8.60 per cent) – repo rate + 3.45 per cent (9.35 per cent) |
| Over Rs 75 lakh | Repo rate + 2.70 per cent (8.60 per cent) – repo rate + 3.45 per cent (9.35 per cent) |
Self-employed
| Slab | Floating rate of interest |
| Up to Rs 35 lakh | Repo rate + 2.80 per cent (8.70 per cent) – repo rate + 3.60 per cent (9.50 per cent) |
| Rs 35 lakh to Rs 75 lakh | Repo rate + 2.80 per cent (8.70 per cent) – repo rate + 3.60 per cent (9.50 per cent) |
| Over Rs 75 lakh | Repo rate + 2.80 per cent (8.70 per cent) – repo rate + 3.60 per cent (9.50 per cent) |
Above stated rate of interest will differ based on different parameters like the credit score, segments, profile, etc.
Home loan offers on Axis Bank.
Axis bank is the next bank with enticing cash-back home loan deals and offers. This bank provides benefits like higher home loan proceeds, home loan balance transfer, instant processing, lower rate of interest, etc., to you.
Home loan cashback offers for Axis bank.
Axis bank provides twelve EMI waivers for you on making regular or one-time repayment. You, as a borrower, need not require paying any extra charges or fees to get this facility. You will be eligible for the waiver for the initial six home loan EMI post-completion of ten years and the next six after finishing fifteen years computed from the home loan amount disbursement date.
Read on to learn the eligibility parameters that you must know to meet the home loan cash-back offer –
∙ Minimum loan repayment tenure must be twenty years.
∙ Home loan partial repayment is allowed to be made just if the rest of the tenure does not go below 10 years.
Important home loan features offered by Axis bank
Read on to know the crucial Axis bank home loan offers and features –
∙ Minimum home loan proceeds of Rs 30 lakh may be approved.
∙ Added benefits at additional costs
∙ Hassle free transfer of existing home loans allowed
∙ Doorstep service for the home loan formalities
∙ Zero home loan prepayment fees
∙ Up to 20% margin on home loan proceeds ranging between Rs 30 lakh and Rs 75 lakh
∙ As high as 25 % margin on the home loan proceeds of over Rs 75 lakh
∙ Higher home loan proceeds allowance depends on your income
∙ Home loan cashback in the form of loan EMI waiver