| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
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Aditya Birla Housing Finance Ltd.
|
9.00% | 0.25% | 1500 | 300 |
|
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Bajaj Finance Limited
|
8.80% | 0.25% | 1500 | 300 |
|
|
State Bank of India
|
8.90% | 0.25 | 1500 | 300 |
|
|
Kotak Mahindra Bank
|
8.90% | 0.25% | 1500 | 300 |
|
|
Standard Chartered Bank
|
10.00% | 0.25% | 1500 | 300 |
|
|
Axis Bank Ltd.
|
10.70% | 0.25% | 1500 | 300 |
|
|
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ICICI Bank Ltd.
|
10.75% | 0.25% | 1500 | 300 |
|
|
If you are already a home loan borrower, you can avail overdraft facility against your existing home loan account. This facility allows you to deposit extra money apart from Monthly EMI, which consider as pre-payment, but principal amount remain as same & whenever you need fund on emergency basis you can withdraw that money from your home loan linked saving or current account.
Home loan overdraft facility Eligibility CriteriaEligibility Criteria depends on several factors like repayment history, salary or business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
Note: - As a maximum loan amount you can avail 5Cr on home loan
What are the factors generally affecting home loan overdraft facility Eligibility Criteria?There are top factors that generally affects overdraft home loan eligibility criteria as given below: -
Applicant Income: - Lender check applicant Income to evaluate his/her capability to repay the loan, as generally 40% - 50% salary of actual look to be capable to pay monthly EMI. If your income level is low, then you may fail to meet the requirements.
Age Limit exceeds: - As stated above in age criteria that applicant age should be in-between 23 - 60 years of age at the time of applying loan. If your age is near to retirement. Your application will be rejected.
What are the ways to increase home loan overdraft facility eligibility?To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level: -
Opting for longer tenure: - Opting for a longer tenure refers a low risk of payment, as longer tenure means low monthly EMI which would trouble-less to pay & will not be any default in making payments & this what the lender want from his applicant.
Do Payments timely: - Add Co-Borrower: - Lender will check your income as to evaluate that are you capable to pay EMI on time, if not then you can add your family earning member as a co-borrower to increase the capability to repay loan as it will enhance.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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In most cases, bank itself offer this type of facility to their existing customers based on their credit ratio & repayment history. You can also initiate you application by issuing from bank or navigating to their official website.
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You must have good credit record & clear repayment history.
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Home Loan Overdraft Facility is offered to existing customers, once bank sanction you will shortly credited amount to your account & able to withdraw amount to the limit set by bank wherein on daily basis calculated & billed each month of end for which you will be required to pay interest.
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This credit facility works uniquely, interest is only applicable to used amount, no document required digital processing is available. These are the core features of Home Loan Overdraft Facility.
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Yes, it's mostly preferred by customers to get instant access to cash.
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It’s totally depending on evaluating your credit profile & past repayment history.
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Generally, the Rate of Interest come in between 12% - 14% per annum.
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The maximum time period to repay loan amounts is up to 3years.
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When you Overdraft too much your account goes in negative. Therefore, bank will take action to close your account.
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Generally, banks allocate a specific limit to your account so that you can withdraw amount as much as you want according to set off limit & interest are calculated on daily basis & billed on every month.
CA Vikas Jain - Our Mentor
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