The home loan segment in India has evolved significantly over the years. The lenders in India offer a variety of home loan options to suit the specific needs of different people. Apart from offering different types of home loans, the financial organisations also offer customised housing loan solutions and specialised services. For example, the ICICI Bank, one of the premier banking institutions in India offers Money Saver Home Loan. Let us know more about it.
What is a Money Saver Home Loan?
Money saver home loan is a unique facility offered by ICICI bank that is specially designed to give home loan borrowers valuable savings on their interest repayment. It thus effectively reduces the interest rate and the repayment burden.
Under the money saver home loan plan your home loan where you can deposit funds.You can deposit your surplus cash, bonus received from the investments, dividends, etc in your money saver account.
The funds you maintain in your account allows you to reduce the home loan interest as the interest is calculated every day based on the difference between the outstanding principal home loan amount and the funds maintained in your money saver account. Thus, the more deposits you maintain in your money saver account, the higher the savings you can get on your home loan interest rates.
One of the most significant benefits of a money saver home loan account is that it works like an overdraft account wherein you can withdraw the funds at any time you want as per your convenience. Also, when you open this type of account, you get access to all the modern banking facilities like internet banking, cheque book, and a debit card.
Now that you are aware of what a money saver home loan is, it would help to know the eligibility criteria for availing Move Saver loan
The ICICI Bank extends the money saver home loan service to all. Whether you are an existing ICICI Bank customer and are availing a home loan or if you want to apply for a new home loan from ICICI Bank, you can choose to open the money saver home loan account. However, you must meetspecific requirements, which are discussed below:
You must be a citizen of India. The money saver home loan account facility is available only for the Resident Indians.
You must be a salaried employee or a self-employed individual and have a regular and steady source of Income.
Features and Benefits of a Money Saver Home Loan Account
The ICICI Bank’s money saver home loan account allows you to save on the interest payments.
You can withdraw the surplus money in the money saver home loan account at any time you want.
When you open this account, you get a debit card for free. You can use it for regular transactions.
Availing of a money saver home loan allows you to get a top-up home loan at any time you want in the future. Top-up loan is essentially an additional loan over and above the existing loan.
Final Word
With so many amazing features and benefits of a money saver home loan, you should consider it. It is an excellent way to save on your home loan interest payments and enjoy valuable savings in the long run.