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Home loan borrowers opting for home loan overdraft facility can also keep their emergency fund in linked overdraft accounts.
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People who want to buy better or bigger domestic property. But are unable to do so due to lack of repaying capacity.
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He can also avail flexi or interest free home loan schemes. However, they should opt for flexi or interest-free home loan schemes.
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Under the overdraft facility, the overdraft account is maintained as a current or savings benefit by a prudent and major lender seeking housing.
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Thus, borrowers opting for these schemes should try to repay their EMIs in full as soon as their income and cash flow permit.
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Under the home loan overdraft facility offered by banks and housing finance companies (HFCs), the lender opens an overdraft account in the form of a current or savings account.
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The home loan borrower is allowed to park his surplus and withdraw based on cash flow requirements, Choudhary said.
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Choudhary further said, the deposit amount is calculated after deducting the interest cost of the home loan borrower outstanding.
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This allows home loan borrowers to get the benefit of prepayment without sacrificing their liquidity.