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What is Home Loan Overdraft Facility?

Tuesday, June 25, 2019, 1:22 PM

A home loan overdraft facility is like a current account. This facility helps deposit surplus funds into a home loan account and the amount you deposit is considered as prepayment against the home loan principal-amount. The bank revises the home loan principal amount in sync with periodic deposits and computes the interest considering the difference between the total deposits made and the outstanding principal-amount.
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Take insurance for big loans

Monday, September 24, 2018, 5:13 PM

Have you availed a home loan? Make sure you have an insurance cover on it. If you have availed a big ticket loan like an home loan, make sure you have term life insurance. If you meet with an untimely end, the insurer will pay the death benefit and your nominee can pay back the home loan with this money.
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What is Marginal Cost of funds based Lending rate?

Wednesday, September 19, 2018, 4:08 PM

MCLR is closely linked with the repo rate and the cost of funds of a bank. It is the minimum interest rate that a bank can charge on Home Loans. Banks add a small percentage of spread to the MCLR and the resultant figure is the rate of interest charged on Home Loans.

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