Smarter Savings, Flexible Access, Maximum Benefits
Whether it’s reducing your interest outgo, managing fluctuating income, or keeping funds handy for emergencies, Mera Loan Doctor helps you unlock the power of a Home OD Linked Loan with ease. By linking your home loan to an overdraft account, every surplus deposit works to cut down your interest while still staying accessible whenever you need it. With our strong network of 100+ banking partners, you get competitive interest rates, flexible withdrawal options, and the advantage of faster loan repayment—giving you both savings and liquidity in one loan.
Features of Home OD Linked Loan
- Your home loan is linked to a current/OD account.
- Any surplus deposited reduces your principal outstanding, thus lowering the interest charged.
- Withdraw the surplus amount anytime, offering flexibility and liquidity.
- Pay interest only on the net outstanding balance (loan outstanding minus deposits).
- Helps in faster loan repayment and significant interest savings over time.
Loan Top-Up Eligibility
- Salaried or self-employed individuals with a stable income.
- Applicants must meet the lender’s home loan eligibility criteria (age, income, credit score).
- Existing or new home loan customers may apply (depending on lender policy).
- Good repayment history and CIBIL score (usually 700+ preferred).
- Some banks may set minimum loan amount criteria for OD-linked loans.
Documents required to apply for Loan Top up
- Proof of Identity (Aadhar, PAN, Passport, Driving License).
- Proof of Address (Utility bills, Passport, Voter ID, Aadhar).
- Income Proof (Salary slips/IT returns/Bank statements for last 6 months).
- Property documents for the home being financed.
- Recent passport-size photographs.
- Any additional documents requested by the bank.
Fees and Charges for Loan top up
- Processing fee (generally 0.25% – 1% of loan amount, varies by lender).
- Annual/renewal fees for maintaining the overdraft facility.
- Interest charged on the reduced outstanding balance after adjusting surplus deposits.
- Documentation/legal charges as applicable.
- GST and other statutory charges on applicable fees.
Faq's for Loan Top up
How does a Home OD Linked Loan save interest?
By depositing surplus funds, your outstanding principal reduces, and interest is charged only on the net balance.
Can I withdraw the surplus money anytime?
Yes, the overdraft facility allows you to withdraw the deposited surplus whenever needed.
Is the interest rate same as a regular home loan?
Yes, generally the rate is similar, but interest outgo is reduced due to principal adjustment.
: Can existing home loan holders switch to OD-linked loans?
Yes, many lenders allow conversion, though charges may apply.
Who should opt for a Home OD Linked Loan?
It is ideal for individuals with fluctuating income or those who expect to receive surplus funds (bonuses, business income, etc.) that can be temporarily parked to save on interest.