| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | |
|---|---|---|---|---|---|
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|
9.00%
|
0.25%
|
1500
|
300
|
|
|
8.80%
|
0.25%
|
1500
|
300
|
|
|
8.90%
|
0.25
|
1500
|
300
|
|
|
8.90%
|
0.25%
|
1500
|
300
|
|
|
10.00%
|
0.25%
|
1500
|
300
|
|
|
10.70%
|
0.25%
|
1500
|
300
|
|
.png)
|
10.75%
|
0.25%
|
1500
|
300
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
9.00% |
|
|
|
8.80% |
|
|
|
8.90% |
|
|
|
8.90% |
|
|
|
10.00% |
|
|
|
10.70% |
|
|
|
10.75% |
|
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.
Eligibility Criteria depends on several factors like repayment history, salary or business sales/turnover& Creditworthiness ...etc.
Note: - As a maximum loan amount you can avail 5Cr on home loan
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.
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.
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.
Want to get financial service? Advise by CA Vikas Jain
CA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
Read MoreCA Vikas Jain - Chief Advisor
Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...
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