A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 Oriental Bank of Commerce Plot Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% to 8.50% Floating
    0
    40L - 10Crs
    1-40 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Oriental Bank of Commerce Plot Loan is Rated as "Pretty good" by 110 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Oriental Bank of Commerce Plot Loan

    OBC Land Loan:

    It is known that banks provide home loans to buy either apartments or house (constructed or under-constructions) or a piece of land for that purpose. Investing in land is quite common as it appreciates considerably with time. Getting a loan for purchasing a plot is quite a hassle-free affair at Oriental. As a Government of India undertaking, Oriental Bank of Commerce is quite encouraging towards prospective plot/ land buyers. But certain conditions and guidelines have to be met. For instance, most banks only provide plot loan for constructing a house in it. And the interest rates can escalate alarmingly after the time allowed for that.

    Features of Oriental Bank of Commerce Land Loan:

    SL No Particulars In Detail
    1 Purpose of Oriental Land Loan To buy a plot solely for the purpose of building a house there. To buy land for the purpose of expanding the residence.
    2 Eligibility Criteria One or more applicants with a steady source of income viz. salaried, entrepreneurial, independent professionals, businessmen, agriculturalists etc.
    3 Minimum Age Should be aged 18 and above
    Maximum Age For salaried with retirement pension & other individuals: Up to age 70 For Salaried ( without pension): Up to age 60 or retirement, which is before
    4 Maximum Loan Limit · Not specified.
    5 Margin Up to INR 30 lacs 10 percent
    between INR 30 lacs and INR 75 lacs 20 percent
    More than INR 75 lacs 25 percent
    For furnishing the house 25 percent of the overall cost of renovation/ furnishing
    6 Total Take Home Salary/ Income Gross yearly income excluding deductions & proposed loan installment:
    Gross Annual Income Net Take Home
    Up to INR 5 lacs 50 percent
    Between INR 5 lacs and INR 10 lacs 40 percent
    More than INR 10 lacs 30 percent
    7 Primary/ Collateral Primary: Equitable/ Registered Mortgage of bankrolled property or that is to be furnished. Collateral: Zero
    8 Rate of Interest (floating) 9.50 percent
    9 Interest switchover option to current customers During the tenure of home loan, if the debtor feels that the present card rate of the loan is in his/ her favour as compared to actual interest applied in the account, the switchover option can be utilized.
    10 Waivers No penalty for prepayment, no added fees for documentation or any upfront fee
    11 Repayment Period Up to 360 months as it is for home loan

    Documentation required for Oriental Bank Land Loan:

    • A duly filled land loan application form
    • Passport sized photo of applicant (co-applicant & guarantor, if applicable)
    • ID proof: Voters ID, PAN Card, Driving License, Aadhar Card etc.
    • Address proof: Rental/lease agreement, latest utility bill, Ration Card etc.
    • Age proof: Election ID, Aadhar Card, SSLC Book, Driving License etc.
    • Income proof: Salary Certificate, Income Tax Return (of the previous 2 years), Bank Statements etc.
    • For Farmers: Record of land holding & harvesting pattern or other income proofs.
    • Property-related papers: Title clearance report from lawyer and valuation report from architect (decided by the bank).
    • Any other document/paper requested by the bank.

    FAQs (Frequently Asked Questions):

    1. On what basis will Oriental Bank of Commerce decide my eligibility for their land loan?

      They will assess your plot loan eligibility based on your income and ability to repay. Other main factors entail your age, qualification, co-applicant’s income, number of dependents, previous loans (if any) and CIBIL Report among others.

    2. What is the benefit of choosing fixed rate of interest for the Oriental Bank of Commerce Land Loan?

      By fixed rate of interest, they mean that the interest rate remain unchanged throughout the tenure regardless of the market fluctuations. This is a pretty unpredictable option as the rate can hike or dip anytime. In case you want to switch to floating rate, you need to discuss this with the bank.

    3. Do you think floating rate is a better option?

      This is difficult to answer as the rate of interest that varies as per the current market lending rate. This also comes with the same risk. You could end up paying more if the rate increases suddenly.

    4. I do not understand the concept of ‘market value’ here. Can you elaborate?

      Market value is nothing but the assessed cost of the land at present. These rates can fluctuate on the basis of many factors such as infrastructure, livability, accessibility to major city points and so on. 

    Oriental Bank of Commerce Plot Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , 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
    • Oriental Bank of Commerce Home Loan
      "oriental bank home bank loan facility"
      0.5 3.0/5 "Satisfactory"
      basically, my parents have taken home loan from OBC. Being a nationalized bank, they provide loans at lower rate of interest. the problem we are facing is that, recently Rbi lowered some ROI, which should have decreased the EMI's amount. now, every month they are deducting money from our account in two installments, first they deduct 14000 something and then some 3000. now the thing is, we get message for that 14000 RS. transaction but not for the 3000 RS. transaction. the branch manager is very arrogant, he doesn't pay any attention to your query and shows himself like 'Urjit patel' not a regular banker.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 04, 2017
    • Oriental Bank of Commerce Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Still I have not finalized the apartment its under construction so negotiation is happening with the builder. Hence I didn't take home loan with Oriental Bank of Commerce and their interest rate and processing free was bit high compared to other competitor.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 28, 2017
    • Oriental Bank of Commerce Home Loan
      "It was good"
      0.5 4.0/5 "Great!"
      Earlier when I approached Oriental Bank of Commerce for the home loan, at the time I did not finalized the property hence I dropped. But their service is good even interest rate is nominal. Now it got confirmed so I processed with LIC Housing, they had completed all the process and approved the loan with low interest rate along with a zero processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 28, 2017
    • Oriental Bank of Commerce Home Loan
      "Response has to be improved"
      0.5 2.0/5 "Expected more"
      Oriental Bank Commerce service is not upto the mark on my home loan experience, they haven't reach me to collect the documents, response part was completing lacking with their end, Finally I have taken loan from HDFC they have processed my loan quickly.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 28, 2017
    • Oriental Bank of Commerce Home Loan
      "Can be more flexible"
      0.5 4.0/5 "Great!"
      I received a offer from Oriental Bank of Commerce for the home loan and the bank had a lot of procedures and expenses which was not negotiable by the bank. So I dropped the idea in taking my loan from them. The services was on time and they informed me the details.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 25, 2017
    • Oriental Bank of Commerce Home Loan
      "Customer Oreinted bank"
      0.5 5.0/5 "Blown Away!"
      Got top up for my home loan with Oriental bank of commerce. OBC rate of interest is very high when compared with State bank of India. Within the time limit they disbursed my home loan. The response and follow up was very good with OBC. The service is very good for long term relationship with OBC. There cooperation is very helpful in banking service.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2017
    • Oriental Bank of Commerce Home Loan
      "No Response"
      0.5 2.0/5 "Expected more"
      I did not receive proper response from Oriental bank of Commerce on my home loan application. I called them for two to three times but I am not satisfied with their service, hence I just switched over to DHFL where I got enough response, even the loan amount been disbursed as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on Apr 17, 2017
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