ICICI Home Overdraft is the latest facility launched by ICICI Bank for salaried customers. This facility is available for existing home loan customers and will be linked to your salary or savings account.
With the latest product, ICICI Home Loan customers can now avail instant funds to meet personal needs such as education, medical treatment, home renovation, marriage and overseas travel among others.
While, there is no lock in period for overdraft account, customer can close the account anytime. The minimum amount which can be availed is Rs 5 lakh and maximum Rs 1 crore.
Who is eligible to apply ICICI Bank Home Overdraft facility?
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.
Key features of 'ICICI Bank Home Overdraft':
- Combination of term loan and overdraft facility - Customers can avail a 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.
Note that the overdraft amount availed by the customer will be chargeable at rate of interest applicable to the overdraft product.