ICICI Bank unveils home loan overdraft facility for salaried customers


ICICI Bank Ltd 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. This innovative offering provides customers with the dual advantage of a term loan and an overdraft facility. While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required.


The customerscan use the funds for an array of personal requirements including education, medical treatment, home renovation, marriage and overseas travel among others.

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.


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