savings
Money Saver Home Loan

Money Saver Home Loan

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. Thus, 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 The funds deposited in the Money Saver Account can be withdrawn by the borrowers, as and when required.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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Features of ICICI Bank’s Money Saver Home Loan:

Eligibility

If you are looking for a fresh Home Loan or have an existing Home Loan, you can avail an Overdraft facility on the Home Loan, with ICICI Bank. To apply for the Money Saver Home Loan, you need to meet the following eligibility criteria:

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.

FAQs:

What is a Money Saver Home Loan?


A Money Saver Home Loan is offered by ICICI Bank in the form of an Overdraft facility that allows you to save on the interest payable on a Home Loan. Any surplus funds deposited in the Money Saver Account reduces your Home Loan interest outflow and at the same time, you avail yourself the flexibility to transact or withdraw the funds, whenever needed.

How does a Money Saver Home Loan work?


A Money Saver Home Loan interest rate is calculated on a daily basis on the outstanding principal, minus the funds maintained in the Money Saver Account. More the funds maintained in the Money Saver Account, more will be the savings on the interest. Moreover, funds maintained in the Money Saver Account can be withdrawn, whenever required. To carry out banking transactions, you are provided with a chequebook, Debit Card & Internet Banking facility. .

How does one apply for a Money Saver Home Loan? 


You can avail a Money Saver Home Loan by visiting your nearest ICICI Bank Branch or by getting in touch with your mapped RM.

Who is eligible for a Money Saver Home Loan?


As per the Money Saver Home Loan eligibility criteria: 

  • Any individual Resident Indian can apply for the facility
  • The person can be either salaried, self-employed professional or self-employed non-professional.

What are the documents required for a Money Saver Home Loan? 


Both salaried and self-employed individuals need to produce their KYC documents, including Proof of Identity - Aadhaar Card, Voter ID, etc. (PAN Card issued in India is no longer considered a valid proof of identity) and Proof of Residence (Aadhaar Card, Passport, Driving Licence, etc.)

If you are a salaried individual, you need to submit the following documents for a Money Saver Home Loan:

  • Last 3 months’ salary slip
  • Form-16/ITR filing receipt
  • Last 6 month’s Bank Statements
  • Processing fee cheque.

If you are a self-employed professional or non-professional, you need to submit the following documents:

  • Last 6 months Bank Statements
  • Processing fee cheque 
  • Business Profile (Only Self-employed Non-Professionals)
  • Education qualification certificate and proof of business existence (Only Self-employed Professional) 
  • IT returns and computation of income for the last 3 years
  • Certified CA/Audited Balance Sheet and Profit & Loss statements for the last 3 years.

Can a Salaried or Self-Employed customer apply for the Money Saver product?


Yes, the Money Saver Home Loan is available to both salaried and self-employed professional/non-professional individuals.

I have a Home Loan with another bank/financial institution. Can I transfer my loan to ICICI Bank under the Money Saver scheme?


In case you’re already servicing a Home Loan from any other bank or financial institution, you can do a Home Loan Balance Transfer to ICICI Bank and avail the Money Saver Home Loan facility. You will benefit in two ways – lower interest rates and savings on the interest amount.

Is there any requirement of maintaining a Minimum Average Balance to get the interest benefit under the Money Saver Home Loan facility?


ICICI Bank has not set any requirement for maintaining a Minimum Average Balance to avail the interest benefit under the Money Saver Home Loan Facility.

Can I avail a fixed or floating rate of interest under the Money Saver product?


The Money Saver Home Loan is offered at a floating rate of interest. The applicable rate of interest for the Money Saver Home Loan varies for salaried and self-employed professionals. 

How is the interest calculated under the Money Saver product?


The Money Saver Home Loan interest rate is calculated on a daily basis, and it is applicable to the difference between the outstanding principal and surplus funds maintained in the Money Saver Account. The interest calculation takes into account the excess balance maintained in your Money Saver account, thus saving on the interest amount payable.

Can I avail a Top-Up Loan under the Money Saver product?


Yes. Borrowers can avail a Top-up Loan on the Money Saver Home Loan to meet their personal or professional needs. The maximum Top-up Loan amount one can avail of is up to <100>% of the original loan amount sanctioned.

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.

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