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ICICI Bank Home Overdraft

How much loan amount is offered under Home Overdraft product?

Minimum of 5 Lakh and maximum of 1 Crore overdraft amount is offered under this product.

Will the rate of interest on the home overdraft be the same as Term Loan?

No, the overdraft amount utilized by the customer will be chargeable at rate of interest applicable to the overdraft 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.

Will my OD limit reduce if I make a part-payment into my home loan account?

No, the OD limit will remain the same until closure of the home loan account, irrespective of the part-payments made into the home loan account.

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.

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.

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.

Will there be a reset in my interest rate on Home Loan and home overdraft facility?

Yes. As your loan is linked with the benchmark rate i.e. I-Base, in case of any change in the benchmark rate, the Rate Of Interest (ROI) applicable to your overdraft account as well as your home loan (under floating ROI) will also be revised.

What is Sweep in and Reverse Sweep facility in home overdraft?

Since the savings and OD accounts will be linked, the customer can avail of the Sweep / Reverse Sweep facility. Under the Sweep facility, the limit available in the OD account will be seamlessly made available for transactions in the savings account. Under the Reverse Sweep facility, any excess funds available in the savings account will be swept back into the OD account, in order to reduce the interest cost incurred by the customer.

Can home overdraft account be closed any time or is there a lock in period?

There is no lock in period for overdraft account, customer can close the account anytime.

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.

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 purpose.

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.

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.

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.

Will my Home overdraft account exist even after closure of Home Loan or LAP or a Top Up loan?

Yes, the overdraft can be continued till the limit expiry period. Please note the mortgaged property documents will only be released after the closure of all linked loans.

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.

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.

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.