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Old November 10th, 2017, 04:41 PM
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Join Date: May 2011
Default Re: Is Oriental Bank of Commerce

The Oriental Bank of Commerce offers Home Loan Scheme and here I am providing information about Home Loan Scheme:

Oriental Bank of Commerce Home Loan Scheme

Purpose:

1. Purchase of land and construction of a house thereon.
2. Construction of house, where in the plot/land already owned by the applicant.
3. To buy built up / semi built up house or flat.
4. To Extend/improve/repair, the existing house or flat.
5. For Home furnishing, furniture / fixtures embedded to structure or otherwise.
6. To buy a flat under construction or proposed to be constructed
7. Takeover of housing loan from other banks/ financial institutions.

Eligibility Criteria:
Individuals or group of specified individuals (co-borrowers) having an assured source of regular income viz. salaried / self-employed persons, professionals, businessmen, farmers etc.

Age Limit:
Minimum: 18 years as on date of application
Maximum:
For salaried(with pension) & other Individuals upto 70 years
For Salaried ( Non Pensionable) upto 60 years or superannuation, which is earlier

Maximum Loan Limit:
Housing Loan ---No upper ceiling
Home furnishing Loan --Maximum Rs. 15.00 Lacs

Margin:
Upto Rs. 30.00 Lacs 10%
Above Rs. 30.00 Lacs & Upto Rs. 75.00 Lacs 20%
Above Rs. 75.00 Lacs 25%
For Home furnishing 25% of total cost of
renovation/furnishing

Net Take Home Income
Gross Annual Income Net Take Home
Upto Rs. 5 lacs 50%
Above Rs. 5 Lacs to Rs. 10 Lacs 40%
Above Rs. 10 Lacs 30%

Repayment Period:
For Home Loan -Upto 360 months, including the moratorium period of 18 months subject to age of dwelling unit
Age of Dwelling unit less than 10 Years -Maximum 30 Years
Age of dwelling Unit Older than 10 Years -Maximum 25 Years
For Home Furnishing Loan-Maximum 120 months

Documents Check List:
Loan application Form
Passport size photograph of applicant, co-applicant & guarantor
Identity proof
Residence Proof
Age proof
Income Proof

Rate of Interest:


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