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Oriental Bank of Commerce Home Loan Rates |
Getting an affordable home loan interest rate is important when you are searching for a home loan product from a reputable source. Oriental Bank of Commerce home loans rates are one of the best rates offered by banks in India that will help you save money. Whenever you are looking for a home loan product with a rate which you are able to manage, you should take Oriental Bank of Commerce home loans into consideration.
About Oriental Bank of Commerce home loans rates
Oriental Bank of Commerce home loans rates are one of the most competitive rates that are available from the public sector commercial banks in India. The table given below will give you a better idea about these rates:
| Oriental Home Loan Scheme |
| Tenure |
Loan amount upto Rs.20 lakhs |
Loan amount over Rs. 20 lakhs and upto Rs.30 lakhs |
Loan amount over Rs.30 lakhs |
| |
Fixed |
Floating |
Fixed |
Floating |
Fixed |
Floating |
| Repayment upto 10 years |
10.00% |
PLR-3.00%
i.e. 9.00%
|
10.25% |
PLR-2.75%
i.e. 9.25%
|
11.50% |
PLR-2.00%
i.e. 10.00% |
| Repayment over 10 years and upto 20 years |
10.25% |
PLR- 2.75%
i.e. 9.25% |
10.50% |
PLR-2.50%
i.e. 9.50% |
Not projected |
PLR-1.75%
i.e. 10.25% |
Fixed rates will be readjusted by Oriental Bank of Commerce following every two years at its exclusive discretion (apart from under Indian Banks’ Association scheme where the readjustment period is 5 years.).
As the floating home loan rates are tied to Prime Lending Rate, the rates will be readjusted whenever there is any variation in Prime Lending Rate.
Processing fee for Oriental Bank of Commerce home loans
In case of fresh loans, no processing fee is necessary for loans upto Rs.20 Lakhs.
In case of loans of more than Rs.20 lakhs, the processing fee is 0.50% of the home loan amount conditional on a maximum amount of Rs.12,500.
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Adjusted allowance will be applicable to home loans approved with effect from 19th December, 2008 to 31st December, 2009.
Repayment term for Oriental Bank of Commerce home loans
The maximum repayment term for an Oriental Bank of Commerce home loan is 20 years or till the borrower reaches 70 years of age or repayment must not surpass the age of retirement, whichever comes afterwards.
Purposes for which you should go for an Oriental Bank of Commerce home loan
You can avail a home loan from Oriental Bank of Commerce and use it for the following purposes:
- Purchase/construction of house/flat
- Renovation/maintenance/decoration of home
Who are eligible for Oriental Bank of Commerce home loans?
The following people will qualify for a home loan offered by Oriental Bank of Commerce:
- Salaried persons
- Self-employed professionals
- Agriculturists
- Business professionals
- Hindu Undivided families (HUFs)
All of them should have a steady source of income.
Maximum amount of loan for home renovation
In case of home renovation, the maximum loan amount that you can get is Rs.10 lakhs or 30% of the property (flat/house) value, whichever is less.
Security for home renovation loans
Mortgage against property will work as security for loans used for home renovation purposes.
Margin for home renovation loans
The margin for home renovation loans offered by Oriental Bank is 15%.
Repayment period for home renovation loans
The maximum repayment period for home renovation loans from OBC is 10 years.
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