Overdraft is a form of credit facility issued by Banks, financial bodies, or NBFCs. It lets an applicant pledge any amount above the specific loan amount and withdraws funds as per the requirements.
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Overdraft is a form of credit facility issued by Banks, financial bodies, or NBFCs. It lets an applicant pledge any amount above the specific loan amount and withdraws funds as per the requirements. The banks open an account for the borrower with an overdraft limit. Home loan overdraft facility allows you to deposit extra funds in your account for a home loan.
Apply Online Click Here:-Home Loan Overdraft
Interest rate for Home Loan Overdraft
Rate of interest
6.50% onwards
Loan amount
Up to 5 crores
Loan tenure
Up to 3 years
Compare interest rates and processing fee by Top banks in India
Bank name
Interest rate
Processing fee
State Bank of India
6.70%
1%
ICICI Bank Ltd.
6.75%
1%
Kotak Mahindra Bank
6.50%
1%
Standard Chartered Bank
7.00%
1%
Axis Bank Ltd.
7.00%
1%
Bajaj Finance Ltd.
8.00%
1%
Aditya Birla Housing Finance Ltd.
9.00%
1%
Documents required for Home Loan Overdraft
- Two passport-sized photographs
- Copy of PAN Card
- Passport and Aadhar card
- Sanction letter and loan schedule (if running)
- Processing fee cheque in Favour of bank
- Appointment letter and last 3 months' salary slip
- Complete property documents with chain and Map + ATS
- Address proof- permanent address proof and also necessary if rented
- Bank statement of last 1 year (salary account).
- ITR with computation income (if file) of last 3 years form - 16
