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
    0.5% (max. ₹20,000) + applicable tax
    40L - 10Crs
    1-25 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 101 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. 

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  • Oriental Bank of Commerce Plot Loan Reviews

    • 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
    • Oriental Bank of Commerce Home Loan
      "Better Service"
      0.5 3.5/5 "Pretty good"
      Actually I have an existing home loan with SBI bank, but due to high interest rate I just wanted to transfer my loan to other bank who gives the lowest interest rate so I just approached Oriental bank. The response is good with oriental bank but the interest rate is not fair, meantime SBI had revised the interest rate and I got the least rate of interest from SBI therefore I did not transfer my loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 17, 2017
    • Oriental Bank of Commerce Home Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      OBC done a good job for me for the Home loan. The process was quick and they kept updating me with details about the process. The documentation was simple and they collected it on time. The rate of interest was of 8.6% and the processing charges was waived off.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 13, 2017
    • Oriental Bank of Commerce Home Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      OBC was good for my home loan. There was no delay throughout the process. Interest rate and processing fee is normal and it is the same as other banks. Customer service is really good and they provided a very good response for my loan process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 13, 2017
    • Oriental Bank of Commerce Home Loan
      "Satisfied with the services"
      0.5 5.0/5 "Blown Away!"
      It was a nice experience with OBC for the home loan. I would say extremely well done. The process was smooth and there was no hiccups in between. The rate of interest was around 8.6% and the processing charges was normal too. The after loan services is also smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 13, 2017
    • Oriental Bank of Commerce Home Loan
      "Need to be customer centric"
      0.5 3.0/5 "Satisfactory"
      Customer service is very poor with Oriental bank of commerce. OBC bank is fine but their employees need to cooperate with customers. The rate of interest, fee and charges are nominal with Obc. They took around 2 months to disburse my home loan but I had submitted all the documents on the very first day. Branch Manager needs to be more customer centric.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 10, 2017
    • Oriental Bank of Commerce Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Oriental bank of commerce disbursed my home loan in a good way. Apart from the fee and charges they are really good. But sbi won't charge so much amount for fee and charges. Oriental bank of commerce took around 10 days of time to disburse my loan. The response and the follow up was really good. I have personal rapport with bank person that would be the reason for their follow up.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 08, 2017
    • Oriental Bank of Commerce Home Loan
      "Fast and satisfactory service"
      0.5 4.0/5 "Great!"
      Actually I applied for home loan with both HDFC Ltd and Oriental Bank of Commerce. I got a fast response from OBC but not from HDFC Ltd. Also, OBC is processing my home loan with zero processing fees but the processing fee with HDFC ltd is some around eight thousand rupees. So I just cancelled my application with HDFC Ltd and went with OBC, now my application is in process and their customer service is quite satisfactory.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 31, 2017
    • Oriental Bank of Commerce Home Loan
      "Improper response"
      0.5 2.0/5 "Expected more"
      I never ever received any kind of communication from Oriental Bank of Commerce on my home loan application. They not even disclosed anything on my application but it had been closed. I am not at all satisfied with their style of service. They should have contacted the customers on their loan application but they had failed to do so.
      Was this review helpful? 0
      , panchkula
      Reviewed on Mar 30, 2017
    • Oriental Bank of Commerce Home Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      Due to personal reasons I did not go ahead for the home loan with Oriental Bank of Commerce. They were quick in responding and in giving me the details. The experience was good and the rate of interest and charges was also normal. Overall good services.
      Was this review helpful? 2
      , indore
      Reviewed on Mar 22, 2017
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