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ICICI Bank rolls out overdraft facility against property

Posted on Nov 03, 2016
ICICI Bank has launched a credit facility against home loans for salaried customers.

The Home Overdraft facility will enable a salaried customer to seek loans up to Rs. 1 crore for personal needs against his/her property.

In a statement, the bank said: "This 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."

Customers can use the funds for an array of personal requirements, including education, medical treatment, home renovation, marriage and overseas travel, the statement added.

The minimum and maximum loan over the Home Overdraft facility is Rs. 5 lakh and Rs. 1 crore, respectively.

Customers can avail themselves of minimum 10 per cent of the total amount as term loan and maximum 90 per cent as overdraft.

The bank said 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.

The new product will offer the 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.

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 themselves of this service.

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ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing

Posted on Aug 28, 2015
ICICI Bank, Indias largest private sector lender, today launched the countrys first mortgage guarantee-backed home loan product that it claims to be more flexible in terms of both amount and tenure. Speaking at the launch of the scheme, ICICI Bank MD & CEO Chanda Kochhar said the home loan industry has been growing at 15 per cent for over 10 year ...
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ICICI Bank home loan at 9.70% in rural India

Posted on Aug 17, 2015
ICICI Bank has launched a new scheme under which it will offer loans of up to Rs 15 lakh at base rate -- the minimum lending rate -- in rural areas.The bank has linked up the rate of rural home loans to the base rate, which currently stands at 9.70 per cent. Its larger rival SBI provides home loan to women borrowers at base rate at a similar pricin ...
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ICICI Bank Reduces Base Rate

Posted on Jul 09, 2015
NEW DELHI: Days after the government urged banks to cut interest rates in line with the apex bank's earlier monetary policy easing, the country's leading private sector lender ICICI Bank on Thursday announced a reduction of 0.05 percent in its base rate.According to the bank, the reduction in the "ICICI Bank Base Rate" (I-Base) will come into effec ...
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HDFC to lend women home loan borrowers at 9.85%

Posted on Apr 27, 2015
India's largest home financier HDFC has brought down its home loans rates by 5 basis points to 9.85% for women loan borrowers matching it to the rates offered by State Bank of India (SBI) and ICICI Bank.A loan product called 'Women Power' will be applicable to women, who is a sole or joint owner of the property and first applicant. It is also appli ...
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ICICI Bank cuts home loan rates by 25 basis points for all existing and new customers.

Posted on Apr 17, 2015
ICICI Bank, Indias largest private sector bank, has reduced its home loan rates by 25 basis points for all existing and new customers. With this, women as well as applicants from weaker sections will get home loans at 9.85%. The rate will be 9.90% for all others. The reduced rate was effective from April 14, 2015 for new borrowers.The Bank has als ...
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Now, ICICI bank cuts home loan rates

Posted on Apr 16, 2015
MUMBAI: ICICI Bank has matched its lending rates with that of market leader State Bank of India.A week after it announced a 25 basis point reduction in its bench mark base rate the bank said that it will continue to maintain the same spread for home loans which means that women and low-income borrowers will get loans at 9.85 per cent which is 10 ba ...
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