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Friday 29 September 2017

ICICI Bank Offers Cashback in New Home Loan Scheme

Mumbai: ICICI Bank, India’s largest private sector lender by consolidated assets, on Thursday announced a new home loan scheme that offers borrowers the benefit of 1% cashback on every EMI for the entire tenure of the loan. The offer will be valid for home loans with a minimum tenure of 15 years and maximum 30 years.


Customers can choose to adjust the cashback against principal outstanding of their home loan, or they can get it as direct credit in their bank account. The cashback will begin to accrue from the first EMI itself, and will first get credited to the customer after completion of the 36th EMI. Subsequently, after every 12th EMI, it will get credited to the customer. There’s no cap on the home loan amount.


“If the customer takes a loan for 30 years, a 10% saving on the principal loan accrues to the customer,” said Anug Bagchi, executive director, ICICI Bank. “Interest rates are low and it is very affordable right now, so we are offering whatever support we can. We see that the buying momentum has increased and this will help spur demand.” So, if the customer takes a loan of .₹ 30 lakh for a tenure of 30 years and decides to use the 1% cashback to prepay principal outstanding amount, then the savings would be .₹ 3,24,801.

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