Apply for Oriental Bank Home Loan

The "Bank" offers financial assistance for / to:

  • Buying  of 'land' and 'construction' of a house thereafter.
  • 'Construction of the house', where in the 'plot'/'land' already owned by an 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.
  • To take over of 'housing loan' from other Banks/other financial institutes.

 

Eligible Person(s): Oriental Bank Home Loan

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.

Further,

  •  The staff members of the 'Bank' are also eligible.
  •  The 'NRI' may also avail a housing loan in India.

                                                                              

Age Criteria: Oriental Bank Home Loan

Min. age:18 years as on the date of application

Max. age:

  • 'For Service class':Up to 60 yrs of age or 'date of super-annuation'. However in case of availability of 'joint' / 'co-borrower' and one borrower is having comparatively younger age, then it can be considered up to 70 yrs of age.
  • 'For Business/ Professional/ HUF class': Up to 60 yrs of age, however in case of loan considered in favor of 'join'/ 'co-borrower' and one borrower is having comparatively younger-age, then it can be considered up to 70 yrs of age.

 

The above Max. age limit of 'borrower'/ 'co-borrowers' is allowable subject to the age by which the 'loan' should be  repaid, availability of sufficient, 'regular' and continuous source of income for servicing the 'loan re-payment' to the satisfaction of Loan sanctioning authority.

 

Components of Finance: Oriental Bank Home Loan

  •  Purchase price of plot/house.
  •  Construction cost of the house.
  •  'Stamp duty' and 'Registration-Fee(s)' payable on 'registration of house'/'property' with registering authority of the 'Government'.
  •  Premium of group mortgage redemption assurance scheme of Canara HSBC with OBC Insurance Company.

 

Maximum Eligible Loan Amount: Oriental Bank Home Loan

There is 'no ceiling' on the 'loan amount'. However, Max. 'loan-amount' permissible under the scheme shall be:

  • 85% of the total 'cost of construction' / 'purchase price' including 'stamp duty' and 'registration charge(s), for loans up to Rs.20 lac
  • 75% of the total 'cost of construction' / 'purchase price' including 'stamp duty' & 'registration charge(s), for loans above Rs.20 lac.
  • Loan-amount for 'purchase of residential plot' shall not exceed 50% of the eligible 'loan amount'. In case construction of the house is not completed within 24 mnths from the 'date of possession' of the 'plot'/'land' or the plot/land is alienated, 'commercial rate of interest' shall be charged from the 'date of disbursement' of the loan and loan shall be re-called as per the 'normal-procedure' of the bank.

 

Assessment of Eligible Loan Amount: Oriental Bank Home Loan

'Salaried Persons'

The max. loan shall be equivalent to 60 months 'gross salary' subject to the condition that net take 'home salary' should not be less than 30% of 'gross salary' after all deductions, including installment of the 'proposed loan'. For this purpose 'salary of the preceding month' from the date of application shall be considered.

'Persons other than salaried employees'

The max. loan shall be equivalent to 40 months 'Gross-Income'. For this purpose causal nature of income will be ignored.

 

Home Loan to 'HUF': Oriental Bank Home Loan

Home Loan to 'HUF' concerns may be considered on selective-basis, provided the income of 'HUF' only is reckoned for the arrival purpose at eligible 'loan amount'.  In individual case(s), income of 'HUF' shall not be added to arrive at 'eligible loan amount'.

However, in view of privileges available to 'MINOR'' and to safe guard 'Bank's interest' requisite under-taking from all coparcener of 'HUF'/family shall be obtained in consultation with 'Bank's panel advocate'.

 

Loan to 'Pensioners': Oriental Bank Home Loan

Loans to 'pensioners' can be considered up to 40 times of the 'pension'/'income' subject to net take 'pension'/'income' of 30%. Pension amount up to 70 yrs of age shall be taken into a/c for calculation of 'eligible amount' and 'repayment period'.

Re-payment period shall not exceed 10 yrs and loan must be completely liquidated within 70 yrs of age of pensioner. However, where 'co-borrower' is taken, max. repayment period can be extended up to 20 yrs provided the loan is repaid within 70 yrs of age of the 'borrower'/'co-borrower' having capacity to service the loan. 

 

'Margin': Oriental Bank Home Loan

 

Loans Up to Rs.20 lakhs

15%

Loans Above Rs.20 lakhs

25%

 

 

'Oriental Bank Home Loan Interest Rates'

 

 Particulars

Up to 5 years

Above 5 & up to 10 years

Above 10 years

Loans up to Rs. 30.00 lac

BR +0.25%

BR +0.50%

BR+0.75%

Above Rs. 30 lacs and up to Rs. 75 lacs

BR+0.75%

BR+1.00%

BR +1.50%

Above Rs. 75 lac and up to Rs. 3 crores

BR+1.25%

BR +1.50%

BR+1.75%

Loan above Rs. 3 crores.

It shall be decided by the sanctioning Authority at Head Office

 

 

Processing Fee / Documentation Charges : Oriental Bank Home Loan

 

'Loan-limit'

'Process fee' / 'Documentation Charge(s)

Ir-respective of any limit

0.50% of the 'loan amount' + 'service tax', if any, subject to max of Rs. 12,500.

Documentation charge(s) -'NIL'

 

Note:  The Advocate charge(s), 'Value-fee' and 'insurance charge(s)' shall be borne by the applicant on actual-basis.

 

Inspection Charges: - Nil

 

Repayment of Loan: Oriental Bank Home Loan

  • The entire-loan shall be re-paid in max. of 240 months preferably in 'equated monthly installments' including the 'moratorium period' subject to the age criteria as under:
  •  For 'Service class': Up to 60 yrs of age or 'date of superannuation' and,  in case of availability of 'joint' / 'co-borrower', then it can be considered up to 70 yrs of the 'eldest borrower' & 60 yrs of age of the 'youngest borrower'.
  •  For 'Business''/ 'Professional'/ 'HUF class': Up to 60 yrs of age, however in another case of loan considered in favour of 'joint'/ 'co-borrower' (at least one-borrower must be of 'younger age' then it can be considered up to 70 yrs of the 'eldest borrower' & 60 yrs of age of the 'youngest borrower'.

 

Security:

The loan shall be secured by 'Registered' / 'Equitable Mortgage' of the property created out of 'bank finance'.

Insurance:

An 'insurance-cover' under the 'agreed Bank's clause' as per system in vogue of 'house' / 'flat' (structure) which is being financed under 'home loan scheme' of the Bank.

 

Home Loan Furnishing Loan: Oriental Bank Home Loan

With a purpose to give 'leverage' to the 'valued-customers' to carry out 'essential alteration(s)' or furnish as per their needs, a new concept of 'home furnishing loan' has been introduced.

 

Eligibilty: Oriental Bank Home Furnishing Loan

Individuals having 'house'/'flat' in their name which can be validly charged to the 'bank' having 'assured source of income' viz. 'Salaried' / self-employed persons', 'professionals', 'businessmen', 'farmers' and 'HUF'. Staff-member(s) must also be eligible to get the loan.

 

Maximum Eligible Loan Amount:

  •  However, loan is restricted up to 75% of the total cost of 'renovation'/'furnishing' subject to a max. amount of Rs. 10 lacs.
  •  Further, if the applicant is also availing 'Housing Loan' the max. amount shall be the difference between his/her fresh home loan eligibility (-) the existing home loan out-standing subject to a max. amount of Rs. 10 lacs.
  • The loan shall be restricted up to 30% value of existing 'House'/'Flat' subject to a max. amount of Rs. 10 lacs.

 

The max. 'permissible loan' amount shall be the amount out of above three alternatives:-

Purpose:

Change of flooring Re-modeling of bathroom(s)/kitchen 'POP work' ,  'Wood-work'  of house. As applicable Interest shall be calculated at mnthly rests and recovered in 'equated monthly installments' as per EMI-chart.

Repayment Of Loan: Oriental Bank Home Furnishing Loan

Max. period of 'repayment of loan' shall be 10 yrs,

Security: 'Registered' / 'equitable mortgage' of property proposed  which has to be 'furnished' shall be charged according to the guidelines embodied in main 'Housing Loan Scheme'.

Margin: 25% of the total cost of the 'renovation'/'furnishing' as per estimate duly verified by a 'qualified architect'.  To ensure contribution of 'margin-money', borrower will invest the margin.

Process Fee/Documentation Charges: Same as per the Home Loan scheme. 

 

Loan For Non Resident Indians: Oriental Bank Home Loan

 

Eligible NRI's: Oriental Bank Home Loan

There are  basically 2 categories of Non-residents who have been given general permission by 'Reserve Bank of India' to acquire immovable property other than 'agricultural'/'plantation'/'farm house' in India.  They are:

  •  'Indian citizens'
  •  'Person of Indian origin'

 

'Repayment of Loan': 'Oriental Bank Home Loan'

 

The installment of 'loan', loan-interest rates  and other charges may be paid by the 'borrower'' from any of the following sources.

  •  By 'inward remittances' from abroad through 'normal banking channels' viz. NRE/FCNR (B)/NRO.
  •  Out of funds lying in his 'non-resident' a/c with Indian Banks.

General Condition(s):

  •  The home loan to 'NRI' is normally sanctioned at par with the terms of 'home loan' for 'Indian Resident'.
  •  For detail term(s) and condition(s) refer our general 'home loan scheme' or contact our nearest branch.                                                                               

 

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