Mumbai, Sept 28:  

As part of its festive season offering, ICICI Bank on Thursday launched a new home loan which offers borrowers the benefit of one per cent cash back on every EMI for the entire tenure of the loan.

This facility is available for home loans with a minimum tenure of 15 years and only for new borrowers.

Anup Bagchi, ED, said RERA has imparted momentum to the housing sector and confidence has returned among prospective buyers. Hence, the bank has launched the product to support the momentum.

Bagchi explained that on a home loan of Rs 30 lakh taken for a 30-year tenure, a borrower could get EMI cash back aggregating Rs 3.24 lakh in principal over the entire tenure of the loan. This saving could be channelised into other investment products such as mutual funds.

(This article was published on September 28, 2017)
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