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Home loan overdraft facility

• Interest charges for only used amount
• Get upto 90% of overdraft limit on your existing home loan
• Loan upto 5 Crore
Enquiry Form
Home loan overdraft facility
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month)
Aditya Birla Housing Finance Ltd.
8%
1%
Axis Finance Limited
9%
1%
Bajaj Finserv Ltd.
10%
1%
Capri Global Capital Limited
8%
1%
Edelweiss Finance
9%
1%
Hero FinCorp Limited
10%
1%
Hinduja Leyland Finance Limited
8%
1%
Indiabulls
9%
1%
LIC Housing Finance
10%
1%
Magma Housing Finance Limited
8%
1%
Piramal Capital and Housing Finance
9%
1%
Shriram Housing Finance Limited
10%
1%
DHFL
10%
1%
Tata Housing Finance Limited
8%
1%
Bank Name Min Interest Rate
Aditya Birla Housing Finance Ltd.

8%

Axis Finance Limited

9%

Bajaj Finserv Ltd.

10%

Capri Global Capital Limited

8%

Edelweiss Finance

9%

Hero FinCorp Limited

10%

Hinduja Leyland Finance Limited

8%

Indiabulls

9%

LIC Housing Finance

10%

Magma Housing Finance Limited

8%

Piramal Capital and Housing Finance

9%

Shriram Housing Finance Limited

10%

DHFL

10%

Tata Housing Finance Limited

8%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by home loan overdraft facility Eligibility Criteria?

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 Criteria

Eligibility Criteria depends on several factors like repayment history, salary or business sales/turnover& Creditworthiness ...etc.

Eligibility Criteria

  • • Applicant age should be in-between 18- 60 years of age
  • • Minimum 3 years of work experience
  • • Should be being at public, private companies or MNC
  • • Must have good CIBIL Score
  • • Resident of Indian

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.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. PAN Card Copy
  2. AADHAR CARD + PASSPORT
  3. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  4. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  5. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  6. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  7. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  8. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  9. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  1. PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

How to take home loan overdraft facility?

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.

Do I am eligible for home loan overdraft facility?

You must have good credit record & clear repayment history.

How home loan overdraft facility works?

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.

What are the features of home loan overdraft facility ?

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.

Is it good to take home loan overdraft facility in axis bank?

Yes, it's mostly preferred by customers to get instant access to cash.

How much can I get for home loan overdraft facility?

It’s totally depending on evaluating your credit profile & past repayment history.

What is the interest rate of home loan overdraft facility?

Generally, the rate of interest come in between 12% - 14% per annum.

What is the maximum tenure period for home loan overdraft facility?

The maximum time period to repay loan amounts is up to 3years.

What happens if i overdraft too much?

When you overdraft too much your account goes in negative. Therefore, bank will take action to close your account.

How to use overdraft money?

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.

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