What is overdraft facility in SBI home loan?

Being a bank official, I can help you understand what is overdraft account in SBI easily. An overdraft account in the State Bank of India (SBI) is an account that allows customers to withdraw money even if there are no funds. However, there is a specific limit set for it and your account can go negative up to that limit. There are several advantages of having this account so you can know about them here.

What is the SBI Home Loan With Overdraft Facility?

The SBI home loan overdraft facility is a feature that allows borrowers to borrow money from their home equity, also called short-term credit. This home loan overdraft facility SBI is helpful in cases where you need to make an emergency purchase and don’t have any cash with you.

What are the Pros of the SBI Home Loan Overdraft Facility?

The advantages of the home loan overdraft SBI are as follows:

• Flexible Repayments: Adjust repayments to reduce principal and interest.

• Interest Savings: Pay interest only on the outstanding balance.

• Liquidity: Access surplus funds anytime.

• No Penalty for Part-Prepayment: Reduce loan tenure and interest without extra costs.

• Tax Benefits: Avail tax benefits on interest and principal repayment.

So you can visit your SBI bank branch and ask an official for more related details. I hope you now have a good idea about the meaning and benefits of the home loan overdraft SBI.

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I completely agree with Jayati, that, SBI overdraft home loan comes under "SBI - Maxgain." Let’s learn about the overdraft facility in detail below.

What is the Home Loan Overdraft Facility SBI?

Through the innovative and user-friendly SBI home loan with overdraft facility, customers can reduce their home loan interest burden and earn the best possible return on their savings without incurring any additional costs. 

Under the SBI home loan overdraft facility, customers will still be required to pay the Equated Monthly Instalments (EMIs) as they would for a regular home loan, but their monthly drawing power will be lowered to the amount of the EMI's principal in order to pay off their overdraft at the conclusion of the loan term. (The interest-bearing portion of the EMI will be used to pay the interest owed).

Please keep this in mind that Maxgain is available only for ready to move in properties.

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SBI Maxgain home loan is an overdraft facility that operates like a current account or a savings bank. If you apply for a home loan under this scheme, then you’ll get an overdraft by the State Bank of India of an amount equal to the sanctioned loan amount. This offers you the benefit of utilizing your temporary surplus money to reduce the interest payable on your housing loan. This is the home loan overdraft facility in SBI.

• The loan is sanctioned as an overdraft (which is a credit line that is offered to consumers against security)

• There is no maximum limit but the minimum loan amount should be Rs. 20,00,000

• Net banking facility, debit card, and a cheque book are given to customers.

• The processing fee is the same as a regular housing loan

• No extra charges to avail this home loan.

• Interest will be charged on the amount withdrawn.

I hope now you know what is overdraft facility in SBI home loan.

Read more:

SBI Maxgain home loan is an overdraft facility that operates like a current account or a savings bank. If you apply for a home loan under this scheme, then you’ll get an overdraft by the State Bank of India of an amount equal to the sanctioned loan amount. This offers you the benefit of utilizing your temporary surplus money to reduce the interest payable on your housing loan. This is the home loan overdraft facility in SBI.

• The loan is sanctioned as an overdraft (which is a credit line that is offered to consumers against security)

• There is no maximum limit but the minimum loan amount should be Rs. 20,00,000

• Net banking facility, debit card, and a cheque book are given to customers.

• The processing fee is the same as a regular housing loan

• No extra charges to avail this home loan.

• Interest will be charged on the amount withdrawn.

I hope now you know what is overdraft facility in SBI home loan.

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This is all on the SBI’s home loan overdraft facility.

This is all on the SBI’s home loan overdraft facility.