OD, or overdraft facility, is a credit service that banks or other financial institutions offer their customers. Under this facility, applicants can withdraw extra money even if they have a zero balance in their current account. The ICICI home loan overdraft can be used against any residential, commercial, or other property. It can also be used as a top-up on another existing home loan, a loan against property, or a loan against rent receivables as well. This is the basic meaning of what does overdraft in ICICI home loan mean. The prominent features of this facility are attractive enough, so learn about them here.
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What are the prominent features of ICICI bank home loan overdraft?The prominent features of ICICI home loan overdraft facility are-
It provides the combination of term loan and overdraft in any proportion
The interest is applicable only on the utilised amount
You can choose the option between monthly or annual dropdown limit
Reverse sweep facility is also available under overdraft facility
There are a few product norms on which the ICICI bank home overdraft depends and they are-
| Category | Norms |
Loan amount |
Rs 5 lakh – Rs 5 crore* |
Loan type |
Overdraft facility with Loan Against Property, Loan Against Receivables & Top Up Loans |
Eligible profiles |
All |
Eligible Entities |
Listed Public Limited Companies, Closely Held Limited Companies, Proprietorship, Partnership, LLPs, Private Limited Companies, Trusts and Societies |
End use |
Business and Personal Utility |
Now the loan amount and its interest rate will depend on the profile of the salaried or self-employed individuals. This is just a basic overview of the ICICI home loan overdraft that I know of. You can ask for more details about it from the bank officials.
Read More:How to make ICICI home loan prepayment?
How to get home loan statement from ICICI bank?
What are ICICI Bank Home Loan Reviews?
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Authors Of The Question
What does Overdraft in ICICI Home Loan Mean?
Bratya
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1 Year
2023-04-18T11:23:46+00:00 2023-04-25T18:38:26+00:00Comment
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