Home Loan With Overdraft Facility: Meaning & Benefits
Hero Housing Finance Ltd22 Oct, 2024Finance
An overdraft facility on a home loan works in a similar manner but with slight variations. When you apply for a home loan with overdraft facility, the lender links your borrowing with a dedicated savings account. You have the option to deposit any sum into this account. Once you do so, your principal outstanding is reduced accordingly, and the interest amount is adjusted.
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