A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Oriental Bank of Commerce Home Loan Interest Rates

    Oriental bank of commerce (OBC) is a public sector bank with its headquarters in Gurugram. Offering a wide range of products from deposit accounts to insurance products, and self-banking halls, OBC is a very people friendly bank. Also recognized for disbursing loans for amounts as small as Rs.75, the PSU has propelled self-employment and increased income levels in rural areas.

    Below Mentioned are OBC Home Loan Interest Rate offered By BankBazaar

    Rates and Charges Specification
    Interest rate 8.40% - 8.50% floating interest
    Processing fee 0.5% up to a maximum of Rs.20,000
    Loan Tenure 1 – 25 years
    Loan amount Rs.40 lakh – Rs.10 crore
    Pre-closure charges Nil

    A home loan from Oriental bank of commerce can be attained with an interest rate of 8.40% - 8.5% with a processing fee of 0.5% capped at a maximum of Rs.20,000. The tenure of the loan can be anywhere from 1 – 25 years and can amount to anywhere from Rs.40 lakh to Rs.1 crore with no pre-closing charges.

    In the case of home furnishing, the maximum loan amount would be Rs.15 lakh, capped at 30% of the house’s value.

    OBC Home Loan can Be Availed for Various Purposes Such As:

    • Purchase of land and construction of house
    • Constriction of house in a land/plot already owned by an applicant
    • To purchase a fully constructed or semi constructed house or flat
    • To improve, extend or repair and existing flat or house
    • For home furnishing
    • To purchase a flat under construction or scheduled to be constructed
    • Taking over a housing loan from another bank

    Types of Housing Loans offered By OBC

    • Housing loan
    • Home furnishing loan

    Oriental bank of commerce interest rates table for up to 2 houses*

    Category of loan Margin Rate of interest
    Up to Rs.30 lakh ? 20% MCLR = 8.40%
    ? 10% and < 20% MCLR + 0.10% = 8.50%
    Above Rs.30 lakh up to Rs.75 lakh ? 25% MCLR = 8.40%
    ? 20% and < 25% MCLR + 0.10% = 8.50%
    Above Rs.75 lakh ? 25% MCLR = 8.40%

    *From the third house onwards the ROI will be MCLR + 0.5% = 8.90%

    For loans up to Rs.30 lakh and with a margin of greater than or equal to 20%, the ROI will be 8.40%, the MCLR of OBC. For the same loan amount and a margin of greater than or equal to 10% and less than 20%, home loan interest rate will be 8.50%. A loan amount of above Rs.30 lakh and below Rs.75 lakh, the ROI will be 8.40% in the case that the margin is greater than or equal to 25%. For the instance that the margin is greater than or equal to 20% and less than 25%, the rate of interest will be charged at 8.50%. Lastly, for any loans above Rs.75 lakh, the ROI will be 58.40% and the margin must be greater than or equal to 25%.

    Margin Table for Oriental Bank of Commerce’s (OBC) Home Loan

    Loan Amount Minimum Margin
    Up to Rs.30 lakh 10%
    Above Rs.30 lakh and below Rs.75 lakh 20%
    Above Rs.75 lakh 25%
    For home furnishing 25% of the total cost of furnishing

    A margin is the part of the loan amount the applicant has to pay in order to avail a loan. For loans of up to Rs.30 lakh, the margin to be paid by the customer is 10%. For amounts above Rs.30 lakh and below Rs.75 lakh, the margin to be paid is 20%. And, for loans above Rs.75 lakhs, the margin to be paid is 25%.

    For home furnishing, the margin will be 25% of the total cost of the renovation.

    Eligibility Criteria to Avail OBC’s Housing Loan

    • Individuals or the group of individuals applying need to have a stable source of income
    • They have to be salaried or self-employed individuals
    • Should be at least 18 years of age
    • Shouldn’t be older than 70 years of age in the case of a salaried individual with pension and other individuals
    • Shouldn’t be older than 60 years of age, in the case of a salaried, non-pensionable individual. In the event that the applicant’s superannuation has commenced, he will not be eligible for the loan regardless of the age

    Oriental Bank of Commerce’s (OBC) Benchmark MCLR Rates for Home Loan:

    Benchmark MCLR Rate %
    Overnight MCLR 8.10%
    1-month MCLR 8.20%
    3-months MCLR 8.25%
    6-months MCLR 8.30%
    1-year MCLR 8.40%

    The MCLR rates of OBC vary depending on the tenure of the loan. For an overnight tenure, the ROI will be 8.10%, 8.20% for 1 month. And for 3 months, 6 months and a year the rates of interest would be 8.25%, 8.30% and 8.40% respectively.

    Documents Required to Avail the Loan

    • For agriculturist – Record of cropping pattern and land holding or any additional proof of income
    • For salaried – Pay slip / IT returns
    • For all other individuals – IT returns of the last 2 years / bank statement
    • In case of takeover – Copy of home loan account for the entire period / Certification from the existing lender for pre-closure
    • Property documents – Valuation report from an architect and a clearance report from a lawyer
    • Loan application form
    • Passport size photo of applicant and co-applicants
    • Identity Proof
    • Age proof
    • Income proof
    • Residence proof
    • Any other document necessary for a specified case

    Factors Affecting OBC Bank Home Loan Interest Rate Interest Rates

    • Applicant’s Salary: The income of an applicant is one of the factors that determine the interest rate the customer has to incur. These are inversely proportional to each other. Higher the Income, lower the interest rate the applicant has to pay.
    • Amount of the Loan: The interest rate also depends on the loan amount. The higher the loan amount, the interest rate becomes higher as well.

    Tips to Reduce OBC Home loan Rate of Interest

    • Shorter Tenure: The interest rate is affected by the tenure of the loan. The shorter the tenure, the lower the total interest paid. However, the EMIs paid will be higher.
    • Increase EMIs: Increasing the amount of EMI paid will not only reduce the overall interest paid, but will also enable you to pay off the loan faster.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    OBC Home Loan Interest Rates Reviews

    • Oriental Bank of Commerce Home Loan
      "Good Experience with good support"
      0.5 5.0/5 "Blown Away!"
      Oriental Bank of Commerce is supportive they immediately approved my home loan, I got the rate of interest around 8.75% for the tenure period of 20 years. The bank have the processing fee from the disbursement . At one shot I got the entire loan amount.
      Was this review helpful? 5
      , mumbai
      Reviewed on Feb 23, 2019
    • Oriental Bank of Commerce Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my home loan with Oriental bank of commerce, they have given me sufficient loan amount , and the rate of interest they have charged me up to 9-10%, which was nominal for me and even processing fee they have charged me was nominal,and i took loan amount for 20 years, there was no hidden charges.
      Was this review helpful? 1
      , surat
      Reviewed on Dec 30, 2018
    • Oriental Bank of Commerce Home Loan
      "Quick and satisfactory loan"
      0.5 5.0/5 "Blown Away!"
      I am having housing loan with Oriental Bank of India, before 4 years I took the loan at the time interest rate is good. The process is convenient. I didn't contact the bank to check about the balance transfer , part or pre closure payment, I just make the emi on monthly basis.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 13, 2018
    • Oriental Bank of Commerce Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my health insurance with oriental bank , there service is average, i have applied this health insurance recently, and i use to pay premium in yearly basis, and it use to get auto debit from my account, and there customer service is not up to the mark.
      Was this review helpful? 7
      , bangalore
      Reviewed on Nov 16, 2018
    • Oriental Bank of Commerce Home Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I got my housing loan from Oriental bank of commerce . Am satisfied with rate of interest of 8.8%which is nominal one The customer service and response is good. It instant approval process just they took 10 days but they assured for the loan They gave good tenure period which i make the payment through ECS . Their customer service is good and responsive. There are no processing fees.
      Was this review helpful? 3
      , mumbai
      Reviewed on Oct 15, 2018
    • Oriental Bank of Commerce Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my home loan with ORIENTAL BANK for about 6 years . The loan amount was 6 lakhs and the Interest rate was 8-9% which is average . The tenure period was 25 years . They have provide door step service for collecting document . The processing fee was nominal . My overall experience was excellent .
      Was this review helpful? 2
      , gurgaon
      Reviewed on Jan 31, 2018
    • Oriental Bank of Commerce Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      Actually i was not able to contact them i was a bit busy with my work so i did not received any calls . They called me i told them i will be available after few days for some work i was involved in so it got canceled . The customer service was good from the bank side .
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 29, 2017
    • Oriental Bank of Commerce Home Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I previously had a home loan with Oriental Bank of Commerce back in 2004, it was for Rs 4.18 lakhs with the good rate of interest. The home loan experience was not up to the mark. Customer service was good and they followed up on time. The process was quite long, it took 10 days for the loan to get disbursed. No documents were required as i already hold a salary account with this bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • Oriental Bank of Commerce Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan from Oriental Bank of Commerce, my loan application was closed because i have postponed the plan to get the home loan. When it comes to customer service, it was good, they responded on time and regular follow ups was done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 2
      , chandigarh
      Reviewed on Nov 15, 2017
    • Oriental Bank of Commerce Home Loan
      "Fast Process and Good Family Bank"
      0.5 4.5/5 "Excellent!"
      I took home loan from my home branch, they have provided me very best interest rate around 8.3% and they had taken some processing fee it was very low. I have purchased an apartment, they released one shot of loan amount based on the property construction.
      Was this review helpful? 2
      , vadodara
      Reviewed on Oct 11, 2017
    • Oriental Bank of Commerce Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      Executive called me once after that no body turned up. I tried multiple times to reach the customer service. I got a regular followups from other bankers, but not even a single call from oriental bank since its 2 months now. Rate of interest is good. Only one email has been sent with application, I am disappointed with the service.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 09, 2017
    • Oriental Bank of Commerce Home Loan
      "average service"
      0.5 3.0/5 "Satisfactory"
      Service is good from ORIENTAL bank ,but the amount they offered is not sufficient for me . I have submitted my documents through online but there is no proper response from ORIENTAL representatives , I am not much happy with ORIENTAL bank service .
      Was this review helpful? 0
      , pune
      Reviewed on Oct 07, 2017
    • Oriental Bank of Commerce Home Loan
      "worst service"
      0.5 1.0/5 "Really Bad"
      Service is not much good from OBC ,customer service and other representatives is not much helpful . They said they will reduce my interest rate but I am still struggling to reduce their interest rate ,I feel their communication is not much good ,they need to improve some more ,I am not happy with the overall service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 06, 2017
    • Oriental Bank of Commerce Home Loan
      "Response should be faster"
      0.5 3.0/5 "Satisfactory"
      By the time of my home loan request, Oriental Bank called me after a week of request meanwhile I have processed HDFC Ltd for the home process. I would like to suggest them to their response time should be improved and should provide proper coordination.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 05, 2017
    • Oriental Bank of Commerce Home Loan
      "BAD"
      0.5 1.0/5 "Really Bad"
      I am not happy with the customer service of the ORIENTAL BANK OF COMMERCE . It was good at all no proper information was delivered because no one called from the Bank side . The rate of interest was real high and processing fee was high something about rupees 5,000 . I did not like the process .
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 04, 2017
    • Oriental Bank of Commerce Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      Customer service from the ORIENTAL BANK side was good for the Home loan I gave an application for . The rate of interest was real low in the website and in branch they told high rate of interest . I had some personal reason I did not take the loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 04, 2017
    • Oriental Bank of Commerce Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      In oriental bank of commerce the interest rate was very high, so that was the reason I haven't processed my home loan application with OBC. The customer service and response part was good with OBC. I tried bargaining the interest rate but still they are not flexible to do so. I would like to suggest OBC to decrease the Interest rate.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 07, 2017
    • Oriental Bank of Commerce Home Loan
      "Extremely well"
      0.5 5.0/5 "Blown Away!"
      I got an excellent response from OBC with respect to my housing loan. They had given a call back to me on time also they disbursed my housing loan within a day's time also the response provided by them is too quick. On the whole, they need to inform the customer in prior about insurance. Also I am very much happy with the loan amount too.
      Was this review helpful? 1
      , lucknow
      Reviewed on May 22, 2017
    • Oriental Bank of Commerce Home Loan
      "Its Convenient"
      0.5 4.5/5 "Excellent!"
      I had taken the home loan worth. 15 lakhs from Oriental Bank of Commerce, this is for a tenure of 25 years, they had charged 8.6% of interest on annual basis it a floating interest rate. Oriental Bank gave me an option of balance transfer, part payment and Foreclosure option and it is really good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 16, 2017
    • Oriental Bank of Commerce Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Oriental Bank of Commerce disbursed the amount on time, But it got delay from my end due to some documentation overall entire process took around two months. OBC charged the interest rate of 8.6% and zero processing fee. I am satisfied with their service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 16, 2017
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