I Accept the Terms & conditions
ICICI Bank Home Overdraft is an innovative offering in our product suite for the salaried customers. This facility is available for existing Mortgage Loan customers and will be linked to your Salary / Savings Account. With Home Overdraft, you can now avail instant funds to meet your personal needs.
· Flexibility of using funds at your convenience
· Interest applicable on utilised amount
· Facility available for Mortgage Loan customers
Christened ‘ICICI Bank Home Overdraft’, this offering helps a salaried customer to seek loans upto Rs 1 crore for personal needs against his/her property. This innovative offering provides customers with the dual advantage of a term loan and an overdraft facility.
ICICI Bank Ltd, India’s largest private sector bank by consolidated assets, announced the launch of a credit facility against home loans for salaried customers. Christened ‘ICICI Bank Home Overdraft’, this offering helps a salaried customer to seek loans upto Rs 1 crore for personal needs against his/her property. This innovative offering provides customers with the dual advantage of a term loan and an overdraft facility. While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required.
They can use the funds for an array of personal requirements including education, medical treatment, home renovation, marriage and overseas travel among others.
Key features of ‘ICICI Bank Home Overdraft’:
· Amounts available - Minimum Rs. 5 lakh; maximum Rs. 1 crore
· Combination of term loan and overdraft facility - Customers can avail minimum 10% of the total amount as term loan and maximum 90% as overdraft
· Interest charging method - For term loan, equated monthly instalment (EMI) will be applicable. For overdraft, interest is charged only on the utilised amount for the period the funds are used.
· Flexibility of sweep in and reverse sweep facility – The overdraft account will be linked to the customers’ savings account. In the sweep-in facility, money will be seamlessly made available in the savings account from the overdraft account, as and when the customer requires it. Similarly, in the reverse-sweep facility, excess funds available in the savings account will be swept back into the overdraft account, thus reducing the interest cost of the customer.
· Eligibility - Salaried individuals who have a home loan and a salary account with ICICI Bank are eligible to apply for the ‘Home Overdraft’ facility. Also, salaried borrowers of preferred corporates who do not have home loans with ICICI Bank can transfer their home loans to the bank to avail this service.
Anup Saha, Senior General Manager & Head - Retail Secured Assets, ICICI Bank commented on the initiative: “ICICI Bank catalysed the growth of mortgage lending in the country by taking home loans to smaller towns, making applications easier for the borrowers by offering them doorstep services and leveraging technological advancements for enabling quicker disbursements. Today, we have moved a step ahead with the launch of ‘ICICI Bank Home Overdraft’ that aims to provide our salaried customers the flexibility of quick access to funds against their home property. We believe this proposition will add more value to our customers by helping them cater to their personal needs. Going forward, we aim to introduce more such innovative solutions that provide more convenience and flexibility to our customers and help them fulfill their aspirations.”
Smooth Hassle Free Process Had A Great Experience With Them.
Hi, I am from hyderabad and took a home loan with a help of loanyantra for me it was a hassle free process and I feel very good about the service they have provided me, I wish loanyantra a great success.
Assistance And Help As Co-applicant Is From Different State.
I was looking for home loan and some assistance in this process, I come across with my friend who is a existing customer of a Loanyantra, He introduced it to me Loanyantra team made my process of home loan very smooth,I would always suggest for loanyantra as, I had a great experience with them.
Looking For Smooth Process And Some Good Consultant.
I work in one of the IT Company, I wanted to process home loan and looking for smooth process one of my friend suggested me loanyantra and when I reached out to them their representative was very friendly and they cleared all my doubt the y have given me a good advice and overall experience of Loanyantra was fantastic, I would thank Loanyantra team who helped me they all have done a great job.
Smooth Process and Quick Disbursements.
I had a great experience they gave me quick response through mail ,sms, and phone call it was a great work. I would always suggest loanyantra. Thanks Loanyantra.
Need Help To Get Home Loan And Loanyantra Helped In Hassle Free Process.
I purchased a property in hyderabad ans avail a service from Loanyantra.I was finding it difficult to get home loan, But Loanyantra helped me and my loan was processed hassle free they have provided some bonus such as cash back, I would thank loanyantra for such a great experience.