Should you opt for home loan overdraft facility?
Knowing that you have an option to get instant cash whenever you need certainly provides some peace of mind. LoanTap offers a kind facility to all individuals who seek flexibility and minimum hassle. Once you have availed overdraft facility, you won’t want a personal loan ever again. Feel free to check out the FAQ section if you have any.
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If you opt for the repo rate-linked home loan. overdraft to repo rate. It was a strategic plan of the bank to first link products from liability side to repo rate and then the assets side. “For us.
A home loan overdraft facility allows you to borrow against the equity of your property at a pre-determined interest rate as well as repayment terms and conditions set by the bank. Using your home equity should best be for things that can bring you returns or reduce your costs in the long run.
Your home acts as the underlying security for the OD account. This product has the same interest rate as the other home loans from SBI upto.
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One way out of this problem could be to opt for the home loan overdraft facility with the home loan account. This will reduce the interest payment and the loan tenure and if needed, one will also be able to withdraw the surplus amount that has been deposited in the home loan account anytime from the bank, should an emergency arise.
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Taking a top-up loan on an existing home loan. this facility to their existing customers, as a bank customer you also have to have a regular payment record along with a good credit score to get a.
If you are planning to take a home loan and are confident of generating a surplus funds regularly after paying the EMIs, you can opt for loan schemes with an overdraft facility. This will not only cut interest payments significantly but will also reduce the loan tenure.
Like getting a line of credit for your home loan, the interest on an overdraft facility is usually slightly higher than your business loan. In addition, the interest rate is always variable unless you have a strong business turnover and are using the facility on a regular basis, in which case you’re likely in a position to negotiate a fixed rate.