Should you opt for home loan overdraft facility?

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The home loan with overdraft facility may come with a slightly higher rate of interest on the home loan. So, if the normal home loan is available at 10% p.a., the one with overdraft facility may charge you 10.25% p.a. This is one drawback of home loan with overdraft facility.

You should opt for a home loan overdraft facility only if you often have high amounts of surplus funds available with you. Else, in the long run, it might translate into a higher cost home loan compared to a conventional home loan.

Why Should You Opt For Overdraft? There are certain reasons which make overdraft a better option as compared to the loan such as:-An Overdraft loan facility is involved with the flexibility in borrowing and the repayment options. This allows you to set a specific amount that you want to pay on a monthly basis.

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Fixed and floating both interest options are offered by a bank. You should compare and carefully decide between fix and floating interest rate. It is recommended to opt for a fixed interest rate. Lump sum or overdraft both facilities are offered by LAP. You have to decide which option to select lump sum or overdraft.

Baroda Loans / Overdraft against Bank’s own Deposits No need to break your deposit if need funds for a short duration for any purpose other than speculation. We can finance against the security of the deposit.

Income Statement Treatment. The fees and charges the business incurs from the overdraft should be recorded as expenses on the income statement. The charges can be categorized as overdraft fees, a subaccount of a bank charges expense account. These expenses reduce net income and in turn reduce the balance of retained earnings on the balance sheet.

ICICI Bank Home Overdraft is an innovative offering in our product suite for the salaried customers. This facility is available for existing mortgage loan customers and will be linked to your Salary / Savings Account. With Home Overdraft, you can now avail instant funds to meet your personal needs.

You can also opt for redraw facility when you sign up to this particular public bank housing loan. Each of Public Bank’s home loan plans offer a zero entry cost option. The margin of financing for Public Bank Home loans can go up to 100% inclusive of legal fee, stamp duty and MRTA (Mortgage Term Reducing Assurance) financing.

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