Oriental Bank of Commerce is an India-based bank established in Lahore is one of the public sector banks in India. The bank offers features such as internet banking, phone banking NRI banking etc. The bank has launched yet another people's participation in the planning process at grass root level essentially to tackle the maladies of poverty. The Grameen Projects venture aims to alleviate poverty plus identify the reasons responsible for the failure or success. They provide quality, innovative services with state-of-the-art technology in line with customer expectations.Oriental Bank of Commerce provide home loans to individuals or group of specified individuals (co-borrowers) including HUF having an assured source of regular income viz. salaried / self-employed persons, professionals, businessmen, farmers etc.(including Staff & NRIs ).Also providing concession in rate of interest to captive and loyal customers, existing home loan borrowers and group of employees. Continue reading to view more details about this loan.
At least 18 years old
Less than 70 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 60 times Gross monthly Income
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 40 years
Alternatively add your parents
|Interest Rate||8.40% to 8.50%|
|Loan Tenure||1 Year to 40 Years|
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.
Home loans provided by the Oriental Bank of Commerce offer borrowers a number of attractive features and benefits:
The benchmark MCLR for home loans is the 1-year MCLR. The interest rates are as given below:
|Category||Home Loan Amount||Rate of Interest||Margin|
|Upto 2 houses||Up to 30 lakhs||MCLR=8.60%||Upto 20%|
|8.70% (0.10% + MCLR)||10% to 20%|
|Above 30 lakhs and up to 75 lakhs||MCLR=8.60%||Upto 25%|
|8.70% (0.10% + MCLR)||20% to 25%|
|Above 75 lakhs||MCLR=8.60%||Upto 25%|
|3rd house and above||Any Amount||9.10% (MCLR+0.50%)|
These rates are subject to change, so check with your bank before making a decision.
The Marginal Cost of Funds Based Lending Rate (MCLR) for Oriental Bank of Commerce is as given below in the table:
|Loan Tenure||MCLR Rate|
The following eligibility criteria is to be met in order for borrowers to successfully apply for home loans 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:
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:
Applicants need not provide or show any form of collateral in order to apply for a home loan with Oriental Bank
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, apart from any applicable GST.
An applicant can increase his or her chances of acquiring a home loan through Oriental Bank by:
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