ICICI Bank Home Loan presents a unique offering where you get 1% Cashback on every EMI for the entire tenure of the loan. That means you can save over 3,50,000 on a home loan of 50 lakh and a tenure of 20 years when you adjust this cashback against your principal.
|The 1% Cashback saves your money or effectively reduces your
home loan tenure.
Loan amount: 50,00,000
Interest rate: 10.50%
Tenure: 20 years
Total amount Paid (Principal + Interest) : 1,21,82,880
Benefits if Cashback taken:
In ICICI Bank account: 1,19,806
Adjustment against principal outstanding: over 3,50,000
How 1% Cashback Works
|1||Apply for a new home loan or transfer your existing home loan to ICICI Bank|
|2||Set Auto debits for the EMIs from your ICICI Bank account|
Credit to ICICI Bank account or
Adjustment against principal outstanding
|4||First Cashback will be credited to your ICICI Bank account only after completion of first 36 EMI months. Subsequently, 1% Cashback will be credited after every 12 EMI months for the EMIs paid in the preceding 12 months|