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ICICI Bank Home Overdraft

I am an existing ICICI Bank Home Loan customer. Can I take Home Overdraft product?

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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.

How much loan amount is offered under Home Overdraft product?

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Minimum of Rs 5 lakh and maximum of Rs 1 crore overdraft amount is offered under this product.

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

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No, the overdraft amount utilised by the customer will be chargeable at the Rate of Interest applicable to the overdraft product./p>

I wish to take Loan against my property, Can I avail home overdraft product?

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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.

Is there any fee for renewal of Home Overdraft limit?

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Yes, the overdraft offered with this product is renewable annually, and will attract applicable renewal charges, which will be debited to the overdraft 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

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The customer can avail of this facility without transferring his salary account to ICICI Bank. However, he needs to be working with select corporate.

I have a home loan with other bank/financial institution? Can I transfer my loan to ICICI Bank and avail Home Overdraft product?

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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?

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Yes, there is a restriction on the usage. The funds cannot be used for speculative or restricted purposes.

With which branch will the linked overdraft/ savings account be opened?

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During the initial application process, the customer will be given a choice of picking a convenient branch for the same.

Can I my keep my On Demand Cash Facility account running even after closing my home loan account?

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No, the On Demand Cash Facility account should be closed with the closure of the mortgage loan.

Will I get a separate cheque-book for the home overdraft account?

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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.

Can a customer avail home overdraft facility if he has only salary relationship with the bank and no Home Loan?

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A salaried customer needs to have a Home Loan or he can take a Loan Against Property to avail this facility.

I am planning to take a Top Up loan on my existing Non Residential Property loan. Am I eligible to take Home Overdraft product?

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Yes, this product is available on all Top-up loans to salaried customers.

Do I need to submit separate KYC documentation / Application form to avail of home overdraft facility?

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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.