Should you opt for home loan overdraft facility?

Overdraft facility is offered against your house as collateral. Overdraft is also offered to home loan customers who are looking for funds to settle their existing home loan repayments. Before approving the house as collateral, the assessment, the valuation and the survey of the property is done.

An overdraft is a facility that allows you to withdraw more money than what you have in your bank account, subject to certain limits. The advantage of taking a loan against property using the overdraft option is that you have to pay interest only on the money you withdraw, till the time you repay it.

You can avoid paying overdraft fees when using your debit card for purchases and at ATMs by not opting-in, or by opting-out if you are currently opted in. This means that your debit or ATM card may be declined if you don’t have enough money in your account to cover a purchase or ATM withdrawal at the time you attempt a transaction.

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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.

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A Home Loan with an overdraft facility is more suitable for people who expect surplus income on a regular basis. Advantages of a home loan overdraft Facility. As must be clear to you by now, a Home Loan with overdraft facility is ideal for people with excess incomes or dual-income households.

When friend or relative is unable to help you can opt for either personal loan or overdraft facility from the bank. A personal loan is an unsecured loan. It is not secured against any assets such as car loan, home loan etc. If you opt for overdraft facility it is a facility to borrow money via current account.

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