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.
- • 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.