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OBC Home Loan Eligibility Calculator

Home Loan Eligibility Calculator OBC 2021

Last Updated 03rd Aug 2021

Eligibility CriteriaOBC Home Loan
Eligible Age of Borrower18 - 60 years

OBC has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on OBC Home Loan.

Home Loan Eligibility Calculator

What is OBC Home Loan Eligibility?

OBC offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. OBC home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a OBC home loan using the OBC home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by OBC?

OBC Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

OBC Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum OBC home loan age limit to get a OBC home loan is 18 years at the time of loan commencement and maximum age limit is 60 years. OBC offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

OBC Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much OBC home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by OBC, the loan amount that you will be eligible for would be ₹ 27,56,098 to ₹ 44,56,560 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 55,12,195 to ₹ 89,13,121 for the same property at the same rate depending on your age at the time of loan application. However, OBC asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years44.57 Lakh66.85 Lakh89.13 Lakh
30 years44.57 Lakh66.85 Lakh89.13 Lakh
35 years44.57 Lakh66.85 Lakh89.13 Lakh
40 years40.81 Lakh61.21 Lakh81.61 Lakh
45 years35.38 Lakh53.08 Lakh70.77 Lakh
50 years27.56 Lakh41.34 Lakh55.12 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your OBC home loan eligibility.

  • Nature of employment: OBC will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. OBC requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility OBC based on Value of Property

  • Value of property: OBC does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the OBC's legal team.

The housing loan eligibility calculator of OBC can be a useful tool to assess your eligibility for the loan.

OBC Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by OBC to determine your home loan eligibility. OBC considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an OBC home loan is 0.65. Calculate your eligibility with the OBC home loan calculator and apply for the eligible loan amount hassle-free.

OBC Home Loan Eligibility for Women

OBC offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for OBC Home Loan

OBC considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from OBC. However, a low CIBIL score reduces your chances to get a home loan. OBC requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance OBC Home Loan Eligibility?

You can enhance the OBC home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use OBC’s Home Loan Eligibility Calculator?

To check OBC home loan eligibility perform the following steps:-

  • Go to the OBC website
  • Now navigate to the option OBC home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get OBC home loan?

The basic criteria to get a home loan from OBC are as following:

Age18 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from OBC?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from OBC?

The minimum salary required to avail home loan from OBC is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in OBC.

Is OBC good for home loan?

The lowest interest rate provided by OBC is 7.35% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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OBC Home Loan News - Nov 2021
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2020-01-24 : OBC net profit surged by 39.11%
    Oriental Bank Of Commerce profit increased by 393.11% to Rs 201.66 crores. The total income boosted by Home Loan and Business Loan increased to Rs 5642 crores which was Rs 5127 crores earlier. Further, gross NPA fell to 12.64% from 15.82% in the corresponding period of last year.
  • 2020-01-10 : OBC cuts lending rates by 15 bps
    With effect from 10 January 2020, Oriental Bank Of Commerce revised its MCLR. The one-year MCLR rate stands at 8.15% which was 8.30% in the previous month. The MCLR for overnight period is 7.55%, one-month MCLR is 7.60% and three months MCLR is 7.80%. MCLR for six months stands at 8% which was 8.05% earlier. The revised rates will impact loan against property and home loans.
  • 2019-08-09 : Oriental Bank of Commerce reduces MCLR rates by 5 bps making it home loans cheaper
    Oriental Bank of Commerce (OBC) has slashed its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points, making its home loans and mortgage loans cheaper. The lender has reduced a one-year MCLR rate to 8.55%, earlier the rate was 8.65%. For one-month and three months, the rate has been revised to 8.20% and 8.35% respectively. The rates are effective from August 10, 2019.
  • 2019-07-23 : Oriental Bank of Commerce’s Q1 net profit at Rs. 112 crores on better asset quality
    Public sector lender, Oriental Bank of Commerce has posted a net profit of Rs. 112 crore on the back of better asset quality and fewer provisions. The lender also has plans to achieve significant growth across its retail loan segment, including home loans and fixed deposits.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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