Oriental Bank of Commerce (OBC) offers home loans at competitive rates, currently set at 8.20%. The bank has interest rates on home loans starting at 8.25% p.a. and goes up to 8.80% p.a. The bank considers an applicant’s income before offering a final loan amount. The loan tenure can be extended to 40 years. The bank’s processing fee is set at 0.50% of the loan amount.
Who can avail home loan from OBC bank?
The eligibility criteria for a home loan from OBC bank are as below:
- The minimum age limit is 18 years.
- The maximum age limit is 60 years for salaried individuals who do not earn a pension.
- The maximum age is 70 years for salaried individuals who have a pension account.
- The applicant must have a regular income.
- The loan can be availed by individuals or a group of specified individuals, also called co-borrowers.
- Salaried or self-employed individuals, including, professionals, people in business or farmers, Hindu Undivided Families (HUFs) can avail the home loan.
- OBC’s home loan can also be availed by staff, Non-Resident Indians and PIOs.
Additional Read – Oriental bank home loan interest rates
OBC bank also provides loans to individuals who wish to furnish their homes. The loan amount offered can help in the purchase of durable consumer items like laptops, refrigerators, air conditioners, etc. The home loan can be repaid in up to 40 years or 60 EMIs. A home loan cannot be used for any illegal personal use. This loan can also be applied for buying life insurance plans under a group protection scheme for the loan applicants.