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.

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 Moreover, funds maintained in the Money Saver Account can be withdrawn, whenever required.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. .

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

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.

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.

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

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.

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.

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. 

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.

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.