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How different is a home loan overdraft from a regular home loan?

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How different is a home loan overdraft from a regular home loan?

Last updated: November 8 2018
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  • #21

    #21

    Re : How different is a home loan overdraft from a regular home loan?

    Malvish so there is no tax benefit on a home loan overdraft facility?

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    • #22

      #22

      Re : How different is a home loan overdraft from a regular home loan?

      mmalhot There is no tax rebate on the surplus amount paid during the loan tenure.
      Talk TRUE; Talk IREF

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      • #23

        #23

        Re : How different is a home loan overdraft from a regular home loan?

        Malvish oh right, you meant the extra amount.

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        • #24

          #24

          Re : How different is a home loan overdraft from a regular home loan?

          mmalhot yes, the amount paid apart from the EMI.
          Talk TRUE; Talk IREF

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          • #25

            #25

            Re : How different is a home loan overdraft from a regular home loan?

            Malvish that is a down point. Thee should have been some tax benefit on the surplus amount too.

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            • #26

              #26

              Re : How different is a home loan overdraft from a regular home loan?

              mmalhot Well, some can say that but in the true sense it is not a binding and a regular EMI. So, it doesn't get looked upon as one.
              Talk TRUE; Talk IREF

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              • #27

                #27

                Re : How different is a home loan overdraft from a regular home loan?

                Malvish yes that is one thing. So, do all banks offer home loans with overdraft facility?

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                • #28

                  #28

                  Re : How different is a home loan overdraft from a regular home loan?

                  mmalhot Well, not sure if all banks do provide a home loan overdraft facility but many do. Banks like State Bank of India, Punjab National Bank, Bank of India, Citibank, Standard Chartered Bank, HSBC and IDBI Bank are some of the banks that do.
                  Talk TRUE; Talk IREF

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                  • #29

                    #29

                    Re : How different is a home loan overdraft from a regular home loan?

                    Malvish that is quite few of them. What would be the difference between interest rates on a regular home loan and an overdraft scheme? Any ideas or should we check with the banks alone?

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                    • #30

                      #30

                      Re : How different is a home loan overdraft from a regular home loan?

                      mmalhot better check with banks for the exact percentage. Like said earlier, home loan overdraft schemes attract a little higher interest rates.
                      Talk TRUE; Talk IREF

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