{"id":147194,"date":"2024-01-02T20:28:47","date_gmt":"2024-01-02T20:28:47","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/"},"modified":"2024-01-02T20:28:47","modified_gmt":"2024-01-02T20:28:47","slug":"what-is-overdraft-facility-in-housing-loan","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/","title":{"rendered":"What is overdraft facility in housing loan?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#What_is_overdraft_facility_in_housing_loan\" title=\"What is overdraft facility in housing loan?\">What is overdraft facility in housing loan?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#FAQs_about_overdraft_facility_in_housing_loan\" title=\"FAQs about overdraft facility in housing loan:\">FAQs about overdraft facility in housing loan:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#1_How_does_the_overdraft_facility_work\" title=\"1. How does the overdraft facility work?\">1. How does the overdraft facility work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#2_What_are_the_advantages_of_having_an_overdraft_facility_in_a_housing_loan\" title=\"2. What are the advantages of having an overdraft facility in a housing loan?\">2. What are the advantages of having an overdraft facility in a housing loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#3_Is_the_interest_rate_on_the_overdraft_facility_different_from_the_housing_loan_interest_rate\" title=\"3. Is the interest rate on the overdraft facility different from the housing loan interest rate?\">3. Is the interest rate on the overdraft facility different from the housing loan interest rate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#4_Can_I_pay_off_my_housing_loan_using_the_overdraft_facility\" title=\"4. Can I pay off my housing loan using the overdraft facility?\">4. Can I pay off my housing loan using the overdraft facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#5_Are_there_any_fees_associated_with_the_overdraft_facility\" title=\"5. Are there any fees associated with the overdraft facility?\">5. Are there any fees associated with the overdraft facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#6_Is_the_overdraft_facility_available_to_all_borrowers\" title=\"6. Is the overdraft facility available to all borrowers?\">6. Is the overdraft facility available to all borrowers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#7_Can_I_withdraw_the_entire_limit_all_at_once\" title=\"7. Can I withdraw the entire limit all at once?\">7. Can I withdraw the entire limit all at once?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#8_How_do_I_repay_the_amount_withdrawn_from_the_overdraft_facility\" title=\"8. How do I repay the amount withdrawn from the overdraft facility?\">8. How do I repay the amount withdrawn from the overdraft facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#9_What_happens_if_I_exceed_the_overdraft_limit\" title=\"9. What happens if I exceed the overdraft limit?\">9. What happens if I exceed the overdraft limit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#10_Can_I_increase_or_decrease_the_overdraft_limit\" title=\"10. Can I increase or decrease the overdraft limit?\">10. Can I increase or decrease the overdraft limit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#11_Are_there_any_tax_benefits_associated_with_the_overdraft_facility\" title=\"11. Are there any tax benefits associated with the overdraft facility?\">11. Are there any tax benefits associated with the overdraft facility?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#12_How_does_the_overdraft_facility_differ_from_a_regular_personal_loan\" title=\"12. How does the overdraft facility differ from a regular personal loan?\">12. How does the overdraft facility differ from a regular personal loan?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_overdraft_facility_in_housing_loan\"><\/span>What is overdraft facility in housing loan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The overdraft facility in a housing loan is a feature that allows borrowers to withdraw funds up to a certain pre-approved limit from their loan account. This can be especially useful for borrowers who need additional funds for unexpected expenses or emergencies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQs_about_overdraft_facility_in_housing_loan\"><\/span>FAQs about overdraft facility in housing loan:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"1_How_does_the_overdraft_facility_work\"><\/span>1. How does the overdraft facility work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe borrower is given a specific limit on which they can withdraw funds based on their housing loan account. They can withdraw and repay the amount as and when necessary.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_are_the_advantages_of_having_an_overdraft_facility_in_a_housing_loan\"><\/span>2. What are the advantages of having an overdraft facility in a housing loan?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nHaving an overdraft facility gives borrowers access to additional funds whenever they need them without having to apply for a new loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Is_the_interest_rate_on_the_overdraft_facility_different_from_the_housing_loan_interest_rate\"><\/span>3. Is the interest rate on the overdraft facility different from the housing loan interest rate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, the interest rate on the overdraft facility is usually slightly higher than the housing loan interest rate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Can_I_pay_off_my_housing_loan_using_the_overdraft_facility\"><\/span>4. Can I pay off my housing loan using the overdraft facility?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, borrowers can use the funds from the overdraft facility to make payments towards their housing loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Are_there_any_fees_associated_with_the_overdraft_facility\"><\/span>5. Are there any fees associated with the overdraft facility?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThere may be processing fees or annual fees associated with the overdraft facility, so it&#8217;s important to check with the lender before opting for this feature.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Is_the_overdraft_facility_available_to_all_borrowers\"><\/span>6. Is the overdraft facility available to all borrowers?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe availability of the overdraft facility may vary from lender to lender, so it&#8217;s best to inquire about this feature when applying for a housing loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_I_withdraw_the_entire_limit_all_at_once\"><\/span>7. Can I withdraw the entire limit all at once?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers can withdraw the entire limit at once, but it&#8217;s advisable to only withdraw what is needed to avoid paying unnecessary interest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_How_do_I_repay_the_amount_withdrawn_from_the_overdraft_facility\"><\/span>8. How do I repay the amount withdrawn from the overdraft facility?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBorrowers can repay the amount through EMIs or lump sum payments, depending on their financial situation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_happens_if_I_exceed_the_overdraft_limit\"><\/span>9. What happens if I exceed the overdraft limit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf a borrower exceeds the overdraft limit, they may incur additional charges or penalties from the lender.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Can_I_increase_or_decrease_the_overdraft_limit\"><\/span>10. Can I increase or decrease the overdraft limit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nSome lenders may allow borrowers to increase or decrease the overdraft limit based on their creditworthiness and financial situation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Are_there_any_tax_benefits_associated_with_the_overdraft_facility\"><\/span>11. Are there any tax benefits associated with the overdraft facility?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nInterest paid on the amount withdrawn from the overdraft facility may be eligible for tax benefits under certain conditions. It&#8217;s best to consult with a tax advisor for more information.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_How_does_the_overdraft_facility_differ_from_a_regular_personal_loan\"><\/span>12. How does the overdraft facility differ from a regular personal loan?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe overdraft facility is tied to a housing loan account, so the interest rate may be lower compared to a regular personal loan. Additionally, the funds are readily available for withdrawal without the need for a new application.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is overdraft facility in housing loan? The overdraft facility in a housing loan is a feature that allows borrowers to withdraw funds up to a certain pre-approved limit from their loan account. This can be especially useful for borrowers who need additional funds for unexpected expenses or emergencies. FAQs about overdraft facility in housing &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is overdraft facility in housing loan?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-is-overdraft-facility-in-housing-loan\/#more-147194\">Read more<span class=\"screen-reader-text\">What is overdraft facility in housing loan?<\/span><\/a><\/p>\n","protected":false},"author":35,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-147194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is overdraft facility in housing loan?<\/title>\n<meta name=\"description\" content=\"What is overdraft facility in housing loan? 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