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.
- Offers easy access to funds for personal needs against property
- Provides customers with a dual advantage of a term loan and an overdraft facility
Home Loan applications received for rupees ₹ 419,027 crores till 05 December 2020
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.
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank with consolidated total assets of US $ 139.14 billion at June 30, 2016. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies, securities brokerage firms, mutual funds and private equity firms. Its presence currently spans 17 countries, including India.