Oriental Bank Of Commerce provide house Loan to Purchase of land and construction of a house thereon.

Housing Loan

Eligibility

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

Minimum age-

18 years as on date of application

Maximum age-

For salaried(with pension) & other Individuals upto 70 years
For Salaried ( Non Pensionable) upto 60 years or superannuation, which is earlier

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

Fross Annual income minus all existing deductions including IT deduction & Proposed loan installment) with details as under:

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%

Rate of Interest

Sanctioned Limit Card Rate

Up to Rs 75 lacs BR
Above Rs.75 lacs & Upto Rs. 3.00 Crore BR+0.50%
Above Rs. 3.00 Crores Interest rate shall be decided on case to case basis.

Current Base rate is 10.25%

Concession in rate of interest (0.25%) to captive and loyal customers, existing home loan borrowers and group of employees.

Documents check List-

Loan application Form

Passport size photograph of applicant, co-applicant & guarantor

Identity proof

Residence Proof

Age proof

Income Proof

For Salaried: Salary certificate issued by the employer / Income Tax return

For Agriculturist: Record of land holding & cropping pattern or any other proof of income.

For all other individuals: Last 2 yrs. Income Tax Return & computation sheet / Bank A/C statement.

For further details please contact the nearby branch or call at 1800-180-1235 & 0124-2340940