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Money Saver Home loan allows you to save on the interest paid towards your Home Loan premium, thus effectively reducing your Home Loan rate of interest. Under this plan, your Home Loan Account is a Money Saver Account, where you deposit funds; your savings, bonus, increment, etc. The funds parked in the Money Saver Account reduces the interest amount, as interest is calculated on a daily basis on the difference between the principal outstanding of your Home Loan and the funds maintained in the Money Saver Account.
Features of ICICI Bank’s Money Saver Home Loan
Need Assistance in Availing Money Saver Home Loan
The more the funds maintained in the Money Saver Account, the more will be the savings on interest. The funds deposited in the Money Saver Account can be withdrawn by the borrowers, as and when required.
Now, you can apply for the Money Saver Home Loan from ICICI Bank. Use this unique financial solution to save on the interest payable on your Home Loan by keeping your surplus funds in a Money Saver Account, plus it also gives you the flexibility to withdraw the funds, at any time.
Moreover, you also get access to a chequebook, Debit Card and Internet Banking facilities, to carry out banking transactions, by opting for an Overdraft facility on the Home Loan from ICICI Bank. Apply now for a Money Saver Home Loan and save on the interest payable on your Home Loan
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Money Saver Calculator
Calculate your Savings
| Sr No. | Sanction limit | Monthly Outflow (Net of Interest Benefit) | Monthly Principal recovery | Monthly Interest recovery (If "No" balance maintained in Money Saver A/c) | Monthly Interest recovery (Net of Interest Benefit) | Approx. Interest benefit for the month on average daily balance maintained | Average daily balance maintained in the A/c during previous month |
Your Savings Summary
(Principal + Interest) (If No balance is maintained in Money Saver A/c)
(Principal + Interest) (Considering Avg. Daily Balance maintained in Money Saver A/c)
Note: Daily interest will be calculated on the principal outstanding minus the surplus amount maintained in Money Saver account. However, if the surplus amount is greater than the principal outstanding then surplus amount will be capped up to the principal outstanding and accordingly the interest will be calculated. At any given point of time interest benefit will not be available on the surplus amount deposited over and above the outstanding principal.
Disclaimer:
The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.
Detailed disclaimer mentioned below.
Documents
If you are salaried or self-employed, to apply for the ICICI Bank’s Money Saver Home Loan, you need to furnish the following list of documents:
General Documents
- Photo identity
- Proof of residence
- Proof of age
- Application form with photograph, duly signed.
Financial documents Salaried individuals
- 3 months’ salary slip
- Latest Form-16/ITR
- Bank statements for the last 6 months
- Processing fee cheque.
Financial documents Self-employed
- Bank statements for the last 6 months
- Processing fee cheque
- Business Profile (Only Self-employed Non-Professionals)
- Education qualification certificate and proof of business existence (Only Self-employed Professional)
- Last 3 years IT return and computation of income
- Last 3 years CA Certified/Audited Balance Sheet and Profit & Loss statements.
The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.
Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws. The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text, without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.
Terms and Conditions apply.
