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    Oriental Bank Home Loan Reviews

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    Home Loan BYTES FROM OUR KITCHEN

    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.


     

    You’re probably eligible for an Oriental Home Loan if you are

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    Oriental Home Loan Minimum Age

    At least 18 years old

    Oriental Home Loan Maximum Age

    Less than 70 years old

    Oriental Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Oriental Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Oriental Home Loan amount eligibility is based on these factors

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    Oriental Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Oriental Home Loan Maximum Loan to property value

    Loan capped @ 60 times Gross monthly Income

    Oriental Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Oriental Home Loan amount by these steps

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    Oriental Home Loan Add Spouse as Co-applicant

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

    Oriental Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Oriental Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Oriental Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Oriental Home Loan Interest RatesUpdated on 05 Dec 2016

    Oriental Home Loan Details
    Interest Rate 9.40% to 9.90%
    Loan Tenure 30 years
    Pre-closure Nil
    Processing Fees 0.50% of the loan amount, subject to maximum of 20000/- plus service tax

     

    Oriental Bank of Commerce 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 30 years
    • No prepayment or foreclosure fees or charges
    • Attractive rates of interest that range from 9.70% to 10.10% 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:

    Loan amount Interest rate
    Up to Rs.30 lakh with a margin of 20% or more 9.2% (MCLR)
    Up to Rs.30 lakh with a margin of 10% to 20% 9.3% (MCLR + 0.10%)
    Above Rs.30 lakh and up to Rs.75 lakh with a margin of 25% or more 9.2% (MCLR)
    Above Rs.30 lakh and up to Rs.75 lakh with a margin of 20% to 25% 9.3% (MCLR + 0.10%)
    Above Rs.75 lakh 9.2% (MCLR)
    Any amount for purchase of a 3rd house or afterwards 9.7% (MCLR + 0.5%)

    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:

    Loan Tenor MCLR
    Overnight 9.2%
    1 month 9.25%
    3 months 9.3%
    6 months 9.4%
    1 year 9.55%

    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

    FAQs:

    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.
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