Should you opt for home loan overdraft facility?

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Warning for all with overdrafts. When they "reviewed" the overdraft they automatically took it off her. It meant she couldn’t pay her rent. The problem with her was she had had the £250 overdraft for a long time and had never made any attempt to pay it back. This.

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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.

An overdraft is a facility that allows you to withdraw more money than what you have in your bank account, subject to certain limits. The advantage of taking a loan against property using the overdraft option is that you have to pay interest only on the money you withdraw, till the time you repay it.

The home loan overdraft facility allows the borrower to use the advance as a savings account and transfer surplus there. The advantage is that no interest is charged on the home loan to the extent of the extra money kept in the account.

Like getting a line of credit for your home loan, the interest on an overdraft facility is usually slightly higher than your business loan. In addition, the interest rate is always variable unless you have a strong business turnover and are using the facility on a regular basis, in which case you’re likely in a position to negotiate a fixed rate.

When to opt for the home loan overdraft? "The home loan overdraft facility is a good option, if you are sure that you will be able to save some extra money every month, after paying the regular EMI. It is also good for self-employed people, who have access to short-term liquidity," says Rishi Mehra, CEO, Deal4Loans.com.

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A need of cash can arise anytime. When you are in urgent need of cash, you either make use of an emergency fund or arrange cash from friends or relatives. When friend or relative is unable to help you can opt for either personal loan or overdraft facility from the bank. A personal loan is.