What is an overdraft loan against property?
An overdraft loan is a secured form of credit that combines features of both a secured loan and an overdraft facility. The overdraft against property option allows you to withdraw funds from your approved credit line, just like an overdraft. By using your property as collateral, you can access a flexible credit limit and withdraw funds as needed. This option is commonly referred to as OD against property and is ideal for individuals or businesses seeking short-term funds while leveraging the value of their property. It provides a convenient and secure way to manage cash flow needs.
Another loan feature that is similar to an overdraft is the Bajaj Finserv Flexi facility. This feature has its own attractive features to ensure that you have a cost-effective and comfortable experience all through repayment.
Features of flexi facility
Bajaj Finserv Flexi Loan is a feature you can opt for when you avail a property loan. It allows you to withdraw any amount you require from the sanctioned loan against property freely. With this provision, you can prepay at any time during the loan tenor and you pay interest only on the amount you borrow.
Further, you can opt to pay interest-only EMIs during the tenor and lower your monthly outgo by up to 45%*. Mortgage Loan interest rates from Bajaj Finserv are one of the lowest in the market, which makes it further convenient to avail.
Opt for the part-prepayment or foreclosure facility to repay the loan at any time before the tenor ends. Individuals availing the loan at a floating rate of interest can prepay at nil charges.
Other features that this facility brings include online withdrawal and payments at any time and from anywhere via Bajaj Finserv’s customer portal My Account.
How to Avail of an Overdraft Loan Against Property
To avail of an attractive overdraft loan against property, you can contact us directly and our representative will help you with all the information you need, including the loan eligibility, fees and interest rates.
Steps to avail Overdraft Against Property
Step 1: Define the requirements for the loan.
Step 2: Check whether you are eligible for the loan.
Step 3: Check the fees and interest rate.
Step 4: Fill the property loan application form to apply for this loan with Bajaj Finserv and enjoy the overdraft benefits of flexi loan feature.
Additional Read: How Much Loan Can You Get Against Your Property
*Conditions apply
Frequently asked questions
Yes, you can get an OD against property by using your property as collateral. Lenders approve a credit limit based on the property’s value, offering flexible access to funds.
OD in property refers to an overdraft facility where you can borrow funds against the value of your property. It provides flexible access to money without a fixed repayment schedule.
The maximum OD limit depends on the value of your property and the lender’s policies. Typically, lenders offer up to 60-70% of the property’s market value as the OD limit.
An overdraft facility against loans is a credit line where you can borrow funds using existing assets or property as collateral. It allows flexible withdrawals, subject to your approved credit limit.
