If you don’t clear your overdraft within the agreed time limit, you can damage your credit rating and make it difficult to get another loan or overdraft later on. Try not to use an overdraft too often as the more often you use it, the more interest you will pay. Some overdrafts also have a condition that your account must be in credit for a certain number of days in a year, for example, 30 days.
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.
Own Contribution (OC), as the name suggests, is the amount of money you will be paying to the builder or property reseller from your own pocket to be eligible for a home loan. If you are looking to.
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Expert: PV Subramanyam, Home finance expert. Question: I want to borrow Rs 45 Lakhs from Central Bank of India. Should I opt for a home loan or an overdraft-linked loan? Will I save money if I use.
Overdraft fees can quickly spiral, leaving you without enough money and forcing you to use your overdraft again. If you do go into your overdraft, there are some steps you can take. Tips for controlling your overdraft. If you think you’ll go over your limit, talk to your bank and ask for a higher limit or an extension.
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When to opt for this facility:. The extra amount pre– paid for the home loan under the overdraft facility is not eligible for the rebate under the Section 80C as it is not considered a pre- payment. The borrower should first look into all the pros and cons before making the decision.
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If you are planning to take a home loan and are confident of generating a surplus funds regularly after paying the EMIs, you can opt for loan schemes with an overdraft facility. This will not only cut interest payments significantly but will also reduce the loan tenure.