Oriental Bank Of Commerce Home Loan Interest Rate at 9.40% onwards
| INTEREST RATE | 9.40% onwards |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | 0.50% of loan amount. Maximum Rs.50,000 |
| GUARANTOR REQUIRED | Please Contact Bank Branch |
| PRE CLOSURE CHARGES | Nil |
Calculate Oriental Bank Of Commerce Home Loan EMI Calculate EMI Now
About Oriental Bank Of Commerce
Oriental Bank Of Commerce is a public sector bank in india. Oriental Bank Of Commerce was founded on Feb. 19, 1943. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Oriental Bank Of Commerce which includes Oriental Bank Of Commerce Official Website, Oriental Bank Of Commerce ATMs accross the India, Oriental Bank Of Commerce Branches accross the India, Oriental Bank Of Commerce Contact Numbers, Oriental Bank Of Commerce official EmailID, Oriental Bank Of Commerce Headquarter and Oriental Bank Of Commerce Headquarter Address. Find Oriental Bank Of Commerce Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Oriental Bank Of Commerce Home Loan?
- Oriental Bank Of Commerce provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Oriental Bank Of Commerce offers timely assistance to the customers
Oriental Bank Of Commerce Home Loan Purpose
- For construction of house| flat;
- For purchase of built house|flat.
- For purchase of under construction house|flat from Housing Boards| Development Authorities| Co-operative Societies| Approved Private Builders| Projects.
- For carrying out Additions to the house/flat.
- For carrying out repairs| renovation | alterations| cost of furnishing to the house/flat.
- For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers.
- For purchase of land|plot for house building.
Oriental Bank Of Commerce Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Oriental Bank Of Commerce Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Oriental Bank Of Commerce Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Oriental Bank Of Commerce Home Loan Amount
- For Construction| Additions| Purchase of House| Flat: Need based loan, depending upon the project cost and repaying capacity.
- For purchase of Land| Plot for House Building: Maximum Rs.100 lacs for State Capitals and Metro and Rs. 50 lacs for other centers; (Higher amount may be considered on individual merit of case).
- For repairs | renovation | alterations: Maximum Rs.25 lakh. Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs.5 lakh.
Margin
10% to 25% of the loan amountOriental Bank Of Commerce Home Loan Repayment
Maximum of 30 YearsSecurity
Equitable|registered mortgage of the property in question.In Case of Prepayment of Oriental Bank Of Commerce Home Loan, will EMI change?
One can pre-pay Oriental Bank Of Commerce Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of Oriental Bank Of Commerce, Oriental Bank Of Commerce SMS balance check number SMS banking, Oriental Bank Of Commerce mobile banking, Oriental Bank Of Commerce toll free number,Oriental Bank Of Commerce toll free number 24*7, Oriental Bank Of Commerce miss call number.
- MISSED CALL NUMBERS - 9915622622
- CONTACT NUMBERS - 18001801235, 0120-2580001, 0124-2340940, 0124-4126200, 0124-4126300
Oriental Bank Of Commerce Contact Details
- BANK OFFICIAL WEBSITE - https://www.pnbindia.in
- CONTACT NUMBERS - 18001801235, 0120-2580001, 0124-2340940, 0124-4126200, 0124-4126300
- EMAIL ID - [email protected]
- MISSED CALL NO. - 9915622622
- TOTAL BRANCHES - 2251
- TOTAL ATMS - 2488
- HEADQUARTER - New Delhi
- BANK ADDRESS - Head Office,7, Bhikhaji Cama Place, Africa Avenue,New Delhi-110 066.
Oriental Bank Of Commerce Home Loan FAQs Home Loan Document Required
