Overdraft vs Regular Home Loan Account

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An overdraft account is a line of credit that allows you to overdraw your account up to a pre-approved limit. This type of account is typically used for short-term financing needs, such as covering unexpected expenses or bridging the gap between paychecks. Interest is charged on the amount overdrawn, and you only pay interest on the amount you use, not the entire limit.

A regular home loan account, on the other hand, is a long-term loan used to finance the purchase of a home or property. It is typically used to buy a property and pay it off over a period of many years. The loan is secured by the property, and the interest rate is generally fixed for a period of time.

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