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Home Loans
Is there any fee for renewal of Home Overdraft limit?
Yes, the overdraft offered with this product is renewable annually, and will attract applicable renewal charges, which will be debited to the overdraft account.
Will the rate of interest on the home overdraft be the same as Term Loan?
No, the overdraft amount utilised by the customer will be chargeable at the Rate of Interest applicable to the overdraft product.
Is there any restriction on usage of the home overdraft amount, can it be used for any purpose of purchase?
Yes, there is a restriction on the usage. The funds cannot be used for speculative or restricted purposes.
If a customer wants to avail home overdraft facility but has salary account with some other bank, can he transfer his salary account with us and avail the facility
The customer can avail of this facility without transferring his salary account to ICICI Bank. However, he needs to be working with select corporate.
Can I my keep my On Demand Cash Facility account running even after closing my home loan account?
No, the On Demand Cash Facility account should be closed with the closure of the mortgage loan.
How much loan amount is offered under Home Overdraft product?
Minimum of Rs 5 lakh and maximum of Rs 1 crore overdraft amount is offered under this product.
I am an existing ICICI Bank Home Loan customer. Can I take Home Overdraft product?
Yes, an existing Home Loan salaried customer* can avail this product.
Note: - Salaried Customer* - Customer with ICICI Bank Salary Account or working with Select corporates.
With which branch will the linked overdraft/ savings account be opened?
During the initial application process, the customer will be given a choice of picking a convenient branch for the same.
I have a home loan with other bank/financial institution? Can I transfer my loan to ICICI Bank and avail Home Overdraft product?
Yes, all salaried customers* having a Home Loan or Loan Against Property with other banks/financial institutions can transfer their loans to us and avail this product.
Note: - Salaried Customer* - Customer with ICICI Bank Salary Account or working with Select corporates.
I wish to take Loan against my property, Can I avail home overdraft product?
Yes, this product is available to salaried customers* who wish to take a Loan Against Property, Top-up, Balance Transfer + Top-up.
Note: - Salaried Customer* - Customer with ICICI Bank Salary Account or working with Select corporates.
Do I need to submit separate KYC documentation / Application form to avail of home overdraft facility?
No. Under the Multi Advantage Product, the common set of KYC documentation will be used for home loan, savings account as well as the linked OD account. Addendum applications for savings and OD account will be collected together with the home loan application form.
Will I get a separate cheque-book for the home overdraft account?
No, you will not receive a separate cheque book. There will be a common cheque-book and debit card for both, the linked savings account and the overdraft account.
I am planning to take a Top Up loan on my existing Non Residential Property loan. Am I eligible to take Home Overdraft product?
Yes, this product is available on all Top-up loans to salaried customers.
Can a customer avail home overdraft facility if he has only salary relationship with the bank and no Home Loan?
A salaried customer needs to have a Home Loan or he can take a Loan Against Property to avail this facility.
