OBC Bank - ORIENTAL bank Of Commerce Home Loan Eligibility Documents

OBC Bank - ORIENTAL bank Of Commerce  Home Loan Eligibility  Documents


Housing Loan

ORIENTAL 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 (new or second hand) / semi built up house or flat. 4.        To Extend/improve/repair, the existing house or flat. 5.        To buy a flat under construction or proposed to be constructed 6.        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 )
Maximum Loan limit	For Business man-40 times Gross monthly Income and for 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: Upto Rs. 10 Lacs 40% Above Rs.15 Lacs  to Rs. 25 Lacs 25% Above Rs. 10 Lacs  to Rs. 15 Lacs 30% Above Rs. 25 Lacs 20% Housing Loan ---No upper ceiling (*conditions apply). Home furnishing Loan --Maximum Rs. 10.00 Lacs(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.
Minimum age Maximum age	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
Primary/Collateral Security	Primary--Equitable/ Registered Mortgage of financed property/property proposed to be furnished Collateral--Nil
Margin	Upto Loan Rs. 20.00 Lacs	15%
	Above Rs. 20.00 Lacs	20%
	For Home furnishing	25% of total cost of renovation/furnishing
Rate of Interest	Click here to view rate of interest Concession in rate of interest to captive and loyal customers, existing home loan borrowers and group of employees.
Interest switchover option to existing borrowers	During the currency of housing loan,  if borrower feels that the current prevailing card rate of Home loan is in favour as compared to interest actually applied in his account ,he can use the switchover option.
Process fee	0.50% of the loan amount, subject to maximum of Rs. 20000/- plus  service tax, if any
Other Charges	Prepayment Penalty / documentation charges/ upfront fee- NIL
RepaymentPeriod	For Home Loan -Upto  300 months, preferably in EMI including the moratorium period of 18 months For Home Furnishing Loan-Maximum 120 months
Second home loans, takeover of home loan accounts, loan to NRI's facility is available as per the detailed scheme
List of Documents/ Information to be provided by the applicant along with Loan Application Form. (These documents are indicative, relevant documents be obtained on case to case basis) Loan application Form-cum-process note LF-2/Passport size photograph of applicant and co-applicant, ID Proof i.e. copy of valid passport / driving license / pan card/ voter ID card /Copy of bank account statement for last 6 months, Saving account.. In case of bank take over, copy of home loan account statement for the entire period shall be obtained/Also a certificate from the lending institution giving pre-closure amount./Affidavit as per Format. Title clearance report from advocate and valuation report from architect  on Bank's panel along with all required   Documents/papers relating to title deeds of property  be submitted
* For further details please contact the nearby branch or call at  1800-180-1235 & 0124-2340940