ICICI Bank, India's biggest private sector lender by assets, has launched an offer for new home loan customers, under which the bank gives 1 per cent cashback on every EMI, for the entire tenure of the home loan. New home loans with minimum tenure of 15 years will be eligible for this offer, ICICI Bank said. Those who transfer their existing home loans to ICIC Bank will also be eligible for this cashback offer, ICICI Bank said. Customers can use this cashback to either to prepay their home loan outstanding or take credit in their ICICI Bank account, the Mumbai-based lender said. According to ICICI Bank, for a home loan of 30 years tenure, if the cashback is used to prepay the principal outstanding, then the total saving would be around 10 per cent of the principal amount.
How ICICI Bank cashback offer on home loans works
| Loan Amount | If 1% cashback is utilized to prepay principal outstanding | If 1% cashback is credited into bank account |
| Rs. 25 lakh | 270,668 | 68,248 |
| Rs. 30 lakh | 3,24,801 | 81,897 |
| Rs. 50 lakh | 587,732 | 140,322 |
| Rs. 1 crore | 11,91,599 | 281,928 |
| Loan Amount | If 1% cashback is utilized to prepay principal outstanding | If 1% cashback is credited into bank account |
| Rs. 25 lakh | 80,291 | 43,919 |
| Rs. 30 lakh | 96,349 | 52,702 |
| Rs. 50 lakh | 1,67,371 | 89,420 |
| Rs. 1 crore | 3,37,059 | 1,79,370 |
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