At least 18 years old

Less than 70 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 60 times Gross monthly Income

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 25 years

Alternatively add your parents

OBC Home Loan

The Oriental Bank of Commerce is well known for providing a range of home loan products and solutions to individuals from all walks of life and income backgrounds. The bank provides concessional rates of interest to existing customers as well as customers who have stayed loyal to the bank over the years. These loans can be utilized by borrowers for a number of uses ranging from the purchase of homes or plots, to construction and renovation.

Features and Benefits of OBC Home Loan:

Home loans provided by the Oriental Bank of Commerce offer borrowers a number of attractive features and benefits:

• Borrowers can utilize the loans for the following purposes:
  • Purchase of a plot of land with a view to construct a house on it
  • Construction of a residential property such as a house on a plot or a piece of land that the borrower currently owns
  • Purchase of a built up or semi built up residential property such as a house or an apartment that may be brand new or second hand
  • For the extension, renovation and reparation of an existing residential property
  • Purchase of a flat or apartment that is undergoing construction or will be constructed in the near future
  • Purchase of furniture and fittings for a home or residential property
• The maximum loan amount that borrowers can apply for as follows:
  • Businessmen can avail of loan amounts equivalent to 40 times their gross monthly income
  • Salaried individuals can avail of loan amounts equivalent to 60 times their gross monthly income
  • For home loans availed for furnishing of a house, a maximum amount of Rs 15 lakhs can be applied for However, in general, there is no maximum limit on the amount of loan that can be applied for since the quantum of loan given out to borrowers is solely at the discretion of the bank, depending on the borrower’s income.
• The margins offered on Oriental home loans are as follows:
  • 10% for loan applications of up to Rs 30 lakhs
  • 20% for loan applications more than Rs 30 lakhs and up to Rs 75 lakhs
  • 25% for loan applications of more than Rs 75 lakhs
  • 25% for loan applications for the purpose of repairs or renovation
• The maximum loan tenure on offer is for a duration of 25 years
• No prepayment or foreclosure fees or charges
• Attractive rates of interest that range from 8.60% depending on the number of houses the loan has been applied for
• Repayment periods ranging from 25 years to 30 years depending on the age of the residential property

Oriental Bank of Commerce Home Loan Interest Rate:

The benchmark MCLR for home loans is the 1-year MCLR. The interest rates are as given below:

These rates are subject to change, so check with your bank before making a decision.

Oriental Bank of Commerce Home Loan MCLR:

The Marginal Cost of Funds Based Lending Rate (MCLR) for Oriental Bank of Commerce is as given below in the table:

Eligibility Criteria for Oriental Bank of Commerce Home Loan:

The following eligibility criteria is to be met in order for borrowers to successfully apply for home loans with Oriental Bank of Commerce:

• The minimum age of entry of the borrower is 18 years
• The maximum age of entry of the borrower is 60 years for salaried individuals with no pensions
• The maximum age of entry of the borrower is 70 years for any other individual, and for salaried individuals with pension
• The applicant must be earning a regular salary or income, even if he or she is self-employed
• The applicant must be any of the following
  • Self-employed or salaried individuals
  • Professionals
  • Hindu Undivided Families (HUFs)
  • Farmers
  • Oriental Bank employees and staff
  • Businessmen
  • Non Resident Indians

Documentation Required to Apply for a Home Loan with Oriental Bank of Commerce:

Applicants are required to submit the following documents in order to apply for a home loan with Oriental Bank of Commerce:

• The completed loan application form duly signed
• Most recent passport sized photo of the following:
  • The borrower or applicant
  • The co-applicant
  • The guarantor
• Any proof of identity such as:
  • PAN Card
  • Valid Passport
  • Voter ID Card
  • Driving License
• Any proof of residence such as:
  • Electricity Bill
  • Valid Passport
  • Latest Telephone Bill
  • Voter ID Card
• Any proof of age such as:
  • Valid Passport
  • Birth Certificate
  • PAN Card
• Last 6 months bank statements
• For salaried individuals:
  • Previous three years income tax returns along with income computation
  • Recent salary slips
• For self-employed individuals:
  • Previous two years income tax returns
  • Most recent income computation
• For agriculturists:
  • Income proof
  • Proof of ownership of land
• Documentation relating to property such as:
  • Advocate’s report stating clearance of Title
  • Report of valuation acquired from an architect on Oriental Bank of Commerce’s panel
• Other documents that may be deemed necessary

Oriental Bank of Commerce Home Loan EMI Calculator:

Borrowers who are looking to acquire a home loan via Oriental Bank of Commerce can ascertain important details such as the loan amount and monthly EMIs they would be required to make. This will help them plan their budgets more effectively, and assist them in making repayments towards their loans on a timely basis.

In order to determine these parameters, applicants can use the BankBazaar Home Loan EMI Calculator in the following manner:

• Open the BankBazaar.com webpage on the browser
• Select the ‘Finance Tools’ option in the menu at the top of the page
• Select the ‘Home Loan EMI Calculator’ option
• Enter the following details by making use of the slider provided:
  • Loan Amount
  • Tenure of Loan
  • Rate of Interest
  • Processing Fee
• After entering these details, the EMI Calculator will show the following:
  • The applicant’s monthly EMI
  • The total amount of interest due
  • A detailed schedule of amortization
• Applicants can change the parameters on the EMI Calculator as many times as they like, until they reach a point of satisfaction

OBC Home Loan FAQ

1. Is collateral required to be provided in order to apply for a home loan with Oriental Bank of Commerce?

   Applicants need not provide or show any form of collateral in order to apply for a home loan with Oriental Bank

2. What are the processing fees involved when applying for a home loan with Oriental Bank of Commerce?

   The bank will charge a processing fee of 0.50% of the loan amount availed. However, this is subject to a maximum limit of Rs 20,000, including service tax

3. What are the ways an applicant can increase his or her home loan eligibility?

   An applicant can increase his or her chances of acquiring a home loan through Oriental Bank by:

   1. Making his or her spouse a co-applicant to the loan, thereby increasing eligibility through the spouse’s added income
   2. Making his or her parents co-applicants to the loan.