Oriental Bank Of Commerce Home Loan Interest Rate

Oriental Bank of Commerce Home Loan Details

• The interest rate starts from 8.75%
• Processing fee of up to 0.50% is charged. Maximum of Rs. 20,000 and a minimum of Rs. 2000 is charged.
• Maximum loan tenure on offer is for a time period of 25 years.
• The lowest EMI to be paid per lakh is Rs. 822.
• Minimum age of 18 years and a maximum age of 60 years for salaried and self-employed individuals is needed for availing for a home loan.
• Oriental Bank of Commerce housing loan interests depend on the loan amount, salary of the applicant and the type of loan opted for.

Oriental Bank of Commerce Home Loan Interest Rates and Other Charges

• Oriental Bank of Commerce home loan interest rates start from 8.75%
• Processing fee of 0.50% of the loan amount is charged, which is a minimum of Rs. 2,000 and maximum of Rs. 30,000 plus applicable taxes.
• Repayment period for home loans is up to 480 months, including the moratorium period of 18 months. Whereas for the home furnishing loan, the repayment period is of maximum 120 months.

Loan Margin

Loan Margin along with Rate of Interest

Oriental Bank of Commerce Home Loan Eligibility

There are many purposes for which people would want to apply for a home loan for:

• Purchasing a piece of land and constructing a house thereon.
• Construction of a house on land that is already owned by the applicant.
• To purchase a house or flat that has finished being constructed or is semi - finished.
• To extend, repair or improve the house or flat that already exists.
• For home furnishing and furniture fitting purposes that are embedded to the house.
• To buy a flat that is under construction or was proposed to be constructed.
• Taking over housing loans that were financed by other banks or financial institutions previously.

Eligibility criteria

• Individuals or group of people (co - borrowers) who have an assured source of regular income, in other words, salaried or self – employed people, professionals, businessmen, farmers etc.
• Minimum age to apply for a loan is 18 years on the date of application.
• Maximum repayment age for salaried (with pension) and other individuals is up to 75 years. For salaried (Non-Pensionable) individuals it is up to 60 years of superannuation.

Oriental Bank of Commerce Home Loan Finance Information

• Maximum Loan Limit:

  1. Housing Loan - The maximum permissible bank finance that can be provided is calculated based on the income of the applicant as well as the joint borrower.

  2. Home Furnishing Loan - Maximum amount of Rs. 25 lakhs (restricted to 30% value of existing house).

• Components of Finance:

  1. The purchased price of the plot or the house.

  2. The construction costs of the house.

  3. Conversion charges that are applicable for the conversion of the house, flat or plot from leasehold to freehold.

  4. Cost of repair, furnishing, renovations and additional constructions.

  5. Purchase prices and installation charges of wiring and other such fittings.

Documents Needed to Avail Home Loans at Oriental Bank of Commerce

• The loan application form should be filled up.
• Passport size photo of the applicant will be needed
• Any proof of identity of the applicant like PAN Card, passport, voter ID card or driving license.
• Any proof of residence like an electricity bill, telephone bill or voter ID card.
• Proof of age of the applicant such as passport, birth certificate, PAN Card.
• Last six months of bank statements would also be needed.
• For salaried individuals the previous three years income tax returns along with income computations and the most recent pay slip.
• For self-employed individuals previous two years tax returns and recent income computation will be needed.
• And other documents that are requested by the Oriental Bank of Commerce.

FAQs: Oriental Bank of Commerce Home Loan

1. Is there a processing fee that we would have to pay for getting a home loan at Oriental Bank of Commerce?

A processing fee of up to 0.5% of the loan amount, where a minimum of Rs. 2000 and a maximum of Rs. 30,000 plus taxes is charged.

2. What is the loan tenure that is applicable while availing for a home loan at Oriental Bank of Commerce?

The maximum loan tenure that is offered is for a time period of 25 years.

3. What is the range of the interest rate that is charged at Oriental Bank of Commerce?

Oriental Bank of Commerce charges an interest rate that ranges from 8.75% 8.85%. This is applicable based on 1-year MCLR rate.

4. What is the minimum age at which an individual can apply for a home loan?

The applicant should be of at least 18 years of age when he or she is applying for a home loan at Oriental Bank of Commerce.

5. Are loans even available for renovation purposes?

Loans can be even taken for extensions, repairs and improvement purposes.