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CreditMantri Finserve Private Limited
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Oriental Bank provides home loans with low interest rates and low processing fees. Loan tenure extends to 25 years. There are no hidden costs and administrative charges. Transparent application process. Get flexible EMI payment methods. Check offers now on CreditMantri!
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Processing Fee
nil*
Max Tenure
nil*
Best Rate
9.70%
Oriental Bank of Commerce is one of the public-sector banks in India based in Lahore. The bank offers a wide range of banking products and services such as deposit accounts, loans, debit cards, credit cards (with tie up with Oriental Bank), Insurance products, ATMs, Internet banking, Mobile Banking, Self-banking halls, call centre, etc.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Being one of the largest bank in India, Oriental Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Oriental Bank Home Loans are tailor made catering to the needs of various customers.
Key Highlights
| Loan Amount | No Limit |
| Interest Rate | 9.70% to 10.20% |
| Loan Tenure | 25 Years |
| Pre-closure | Nil |
Eligibility Criteria
Loan Amount
For Business man - 40 times Gross Monthly Income
Salaried person -
60 times Gross Monthly Income with a condition that the net take income (gross Annual income minus all existing deductions, IT deduction & Proposed loan instalment) is in 20-40% slab as per Gross Annual income with details as under:
| Upto Rs. 10 Lakhs | 40% | Above Rs.15 Lakhs to Rs. 25 Lakhs | 25% |
| Above Rs. 10 Lakhs to Rs. 15 Lakhs | 30% | Above Rs. 25 Lakhs | 20% |
Housing Loan
---No upper ceiling (*conditions apply).
Home furnishing Loan
--Maximum Rs. 10.00 Lakhs (restricted to 30% value of existing house),
The maximum permissible Bank finance can be calculated on the basis of income of individual as well as joint borrower, as the case may be.
For Home Loan
Upto 300 months, preferably in EMI including the moratorium period of 18 months
For Home Furnishing Loan- Maximum 120 months
Prepayment Charges: Nil
Processing Fees :
0.50% of the loan amount, subject to maximum of Rs. 20000/- plus service tax, if any
Interest Rates: 9.70 to 10.20
Important documents to be submitted while applying for personal loans with Oriental Bank
Your Oriental Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Oriental Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Oriental Bank account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-Oriental Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Oriental Bank account at your nearest Oriental Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Oriental Bank branch for the application. You can also download the home loan application form from the Oriental Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
1. What are processing fees on Oriental Bank Home Loans?
0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000
2. Is there penalty for prepaying the Oriental Bank Home Loan?
No penalty is levied for prepaying the Oriental Bank Home Loan?
3. Can I get Oriental Bank Home Loan without a Guarantor?
Guarantor is required in some cases
4. What is the maximum loan repayment period for Oriental Bank home loans?
The maximum repayment period is 30 years
5. How Can I apply for an Oriental Bank home loan?
You can either apply online or visit a nearest Oriental Bank branch and take the help of the bank’s representative.
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