Oriental Bank Home Loan

About Oriental Bank

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.

What Is a Home Loan?

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.

An Introduction to Oriental Bank Home Loans

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.

Advantages of Oriental Bank Home Loans

• Low interest rate
• No hidden costs and administrative charges
• Low processing fees
• No security needed
• Less paperwork
• No prepayment penalties

Features of Oriental Bank Home Loans

Key Highlights

Objective

• Purchase of land and construction of a house thereon.
• Construction of house, where in the plot/land already owned by the applicant.
• To buy built up (new or second hand) / semi built up house or flat.
• To Extend/improve/repair, the existing house or flat.
• To buy a flat under construction or proposed to be constructed
• For Home furnishing, furniture / fixtures embedded to structure or otherwise

Eligibility Criteria

• 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)
• Age Limit
• 18 years as on date of application
• Upto 60 years of age or age of superannuation, whichever is earlier, however in case of availability of joint/co borrower and one borrower is having comparatively younger age in consonance with repayment period, then it can be considered upto 65 years of age for elder co borrower and 60 years of age for younger co borrower

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:

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

Documents Required to Apply for Oriental Bank Home Loans

Important documents to be submitted while applying for personal loans with Oriental Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals

EMI Payment Methods

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.

How to Apply for Oriental Bank Home Loan?

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.

Summary of Oriental Bank Home Loans

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.

Oriental Bank Home Loan FAQs

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.