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Is home loan overdraft facility a good option?

Home loan overdraft facility is good option, if you are very much sure that you will be able to save some extra money every month after paying the regular EMI. It will help in reducing the loan amount along with tenure. Under this facility, you can deposit any surplus money that you have into the home loan account, though you have the option to withdraw the money if required,is the biggest advantage. By depositing the money higher than the EMI will help in saving on total interest outgo in long run.

Points to consider:

  • Works as current account with overdraft limit
  • Offer higher liquidity on the deposited amount
  • Upto 25 basis points higher rate of interest
  • Regular transactions are necessary for higher benefits
  • Good option for double income families
  • Reduced interest liability without losing tax benefits
  • Facility to withdraw the surplus money any time
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  • Home Loan Interest Rates July 2020
    Axis Bank7.75% - 8.55%
    Bank of Baroda6.85% - 7.85%
    HDFC6.95% - 8.00%
    ICICI Bank7.45% - 8.55%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.40% - 9.70%
    LIC Housing7.40% - 8.85%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%