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Oriental Bank of Commerce Home Loans |
Are you thinking about a truly affordable home loan scheme to purchase your dream home? Oriental Bank of Commerce can offer the right solution for your needs. Oriental Bank of Commerce home loans are ideal home financing options for individuals and Hindu Undivided Families.
About Oriental Bank of Commerce Home Loans
Oriental Bank of Commerce home loans are available with excellent terms and conditions. All the home loans offered by Oriental Bank of Commerce boast attractive features like affordable interest rates and flexible repayment terms that suit the budget of the borrowers.
Purpose of Oriental Bank of Commerce home loans
Given below are the important purposes for which you can use an Oriental Bank of Commerce home loan:
- Purchase of residential units/flats
- Construction of dwelling unit/flats
Eligibility criteria for Oriental Bank of Commerce home loans
Individuals having a stable source of income such as self employed individuals, salaried persons, business professionals, Hindu Undivided Families (HUFs) and agriculturists are eligible for this loan.
Amount of Oriental Bank of Commerce home loans
1) For Salaried Individuals
The maximum amount of loan that a salaried individual can avail is 60 times his gross monthly income with a stipulation that the net salary following all the deductions is not lower than 30%.
2) For business professionals
The maximum amount that a businessman can avail as an Oriental Bank home loan is 40 times his gross monthly income with a stipulation that the net monthly income following all deductions is not lower than 30%.
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Security for Oriental Bank of Commerce home loans
Mortgage of property to be purchased will work as security against the home loan.
Margin for Oriental Bank of Commerce home loans
In case of loan amount of up to Rs.5 Lakhs – 10%.
In case of loan amount of over Rs.5 Lakhs and up to Rs.20 lakhs – 15%.
In case of loan amount of over Rs.20 Lakhs – 25%.
(Modified margin will be applicable in case of home loans approved with effect from 19th December, 2008 to 31st December, 2009.)
For home loan amounts of up to Rs.20 lakhs approved on or later than 19th December, 2008, Oriental Bank of Commerce offers free life insurance coverage for the whole loan amount due up to Rs.20 lakhs to the borrower. This opportunity will be given in case of home loans approved with effect from 19th December, 2008 to 31st December, 2009.
Oriental Bank of Commerce home loans have been innovatively designed to fulfill the home buying needs of various types of borrowers such as businessmen, self-employed individuals, farmers, Hindu Undivided Families and salaried employees. No matter what the loan amount is, Oriental Bank of Commerce is there to help you out. You can also use a home loan offered by Oriental Bank for other purposes like renovation, repairs and decoration.
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