What is home loan available as overdraft?

The overdraft facility on home loan allows you to deposit additional funds in your home loan account. The additional fund is treated as a prepayment against the principal amount. The home loan overdraft interest rate is higher than other loan schemes.

Is HSBC better than SBI?

Hence, both banks are benchmarked to the same rate, making them a comparable option to choose from. HSBC Bank with an average customer ratings of 4.2 is equally comparable to SBI with an average customer rating of 4.2, and hence, the customer can expect the same kind of service levels from these banks.

What is SBI overdraft?

Under SBI’s overdraft facility, customers holding fixed deposit (FD) in a single name can avail up to 90 per cent of the fixed deposit (FD) amount as an overdraft to meet emergency and other needs. The overdraft is created instantly online via SBI YONO without the need to visit the branch, said SBI on its portal.

What is overdraft account in Icici?

It is designed to protect ICICI Bank Salary Account customers from missing their Equated Monthly Instalments (EMIs) or cheque bounces due to insufficient funds by providing short-term instant credit. Customers can easily avail of this facility by initiating their application online.

What is the maximum quantum of loan under SBI Maxgain scheme?

The minimum loan amount is Rs. 20 lakhs. There is no maximum limit.

What is Icici Bank overdraft facility?

Is SBI MaxGain really beneficial?

When it comes to taxation, the surplus you deposited into this account and interest earned on this surplus will not be part of any tax saving. Definitely a good product if you are expecting some surplus cash at the regular time. You can benefit from depositing to this account and can withdraw at any point of time.

What is bank overdraft with example?

The definition of an overdraft is taking out more money than is in your account, or a draft of air that moves over a fire. An example of an overdraft is to write a check for $40 when you only have $20 in your account. An example of an overdraft is the air that passes over the fuel in a furnace.

What is at home overdraft facility in ICICI Bank?

Home Overdraft, an all-purpose* overdraft facility is a special offering for ICICI Bank salaried customers wherein you can avail of Loan Against Property (LAP) or Top-Up Loan in the form of an overdraft. This overdraft facility gives you the flexibility to withdraw and use funds whenever required and pay interest only on the amount utilised.

What is ICICI Bank money saver home loan?

ICICI Bank Money Saver Home Loan is a unique offering in which loan is sanctioned in the form of an overdraft account that allows you to save on the interest payable on your Home Loan.

How is SBI maxgain different from other home loans?

How is SBI MaxGain different from regular home loans? SBI MaxGain is a home loan that is sanctioned as an OD with a limit that is equal to the approved loan amount. Your home acts as the underlying security for the OD account. This product has the same interest rate as the other home loans from SBI upto Rs. 1 crore (as of this writing).

What is overoverdraft facility?

Overdraft facility can be availed against your residential, commercial or specialized properties. You can also avail the facility as a top up on your existing Home Loan, Loan Against Property or a Loan against Rent Receivables and enjoy the flexibility of withdrawing funds as and when you need