OBC Home Loan EMI Calculator

OBC Home Loan - Lowest EMI is Rs. 812 per lakh

Last Updated 28th Mar 2017
  • Get monthly EMI as low as Rs. 812 per lakh with OBC now offering home loans with loan tenure upto 25 years.
  • Lowest home loan interest rate currently offered by OBC is 8.60%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 991 for a 15 year loan and Rs. 874 for a 20 year loan. Check the EMI for other tenures using the OBC home loan EMI calculator on this page.

Home Loan EMI Calculator OBC

OBC Home Loan EMI Calculator
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OBC Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to OBC against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With OBC offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 812 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by OBC on Home Loan is 8.60%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 24,76521,85419,400
    5,000,000 49,53143,70838,801
    7,500,000 74,29665,56258,201
    10,000,000 99,06187,41677,601
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

OBC Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how OBC Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 30,000,000
r = Rate of interest per month. Current rate is 8.60%, which is linked to OBC 1 Year MCLR, which is currently 8.60%. Last revised on 03rd Jan 17
n = tenure in month. For OBC, this can be 360 months

Will the OBC home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by OBC subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, OBC will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by OBC, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • OBC allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
OBC Home Loan EMI Calculator News - Mar 2017
28th Mar 17 HDFC Ltd closes issue of masala bonds
HDFC Ltd has successfully closed its masala bonds issuance by raising Rs 3,000 crore of funding. with the bonds has a maturity period of three years carrying an interest rate of 7.35 percent payable, semi annually.
24th Mar 17 Stocks of housing finance companies rise on subsidy to MIG’s home loan applicants
Share price of leading housing finance company PNB Housing Finance rise by 1.1 percent on NSE soon after the government issued guidelines of interest subsidy for middle income group (MIG) home loan applicants on 23rd March, 2017. As per the guidelines, potential home loan borrowers with an annual income of Rs. 6 to 18 lakhs can now avail the benefit of up to 4 percent interest subsidy on home loans for the loan amount of Rs. 12 lakhs and above.
24th Mar 17 Indiabulls Housing Finance rises by 2.2 percent on NSE
Indiabulls Housing Finance has witnessed a rise in its stock price by 2.2 percent on New York Stock Exchange after the government issued guidelines in respect of interest subsidy for middle income group home loan applicants. Government has released new guidelines for the home loan borrowers of middle income group. Potential home loan borrowers with an annual income between Rs. 6 to 18 lakhs can now get an interest subsidy of up to 4 percent for home loan of Rs. 12 lakhs and above.
24th Mar 17 Assam government signed MoU with SBI to provide subsidized education and home loan
Assam government has signed memorandum of understanding with the leading public sector bank State Bank of India to provide subsidized education and home loan. As per the signed MoU, SBI will offer higher education loans and home loans to the state government employees at nominal rate of interest. Assam government will provide interest subsidy of 3.50 percent for housing loan and 4 percent for education loan.
24th Mar 17 Bajaj Finserv offers gift voucher of Rs. 15,000 for transferring home loan
Bajaj Finserv has come up with an exciting offer for existing home loan borrowers. The leading NBFC is offering a gift voucher of Rs. 15,000 from Tanishq, great rate of interest and 3 EMI holiday to the existing home loan borrowers on transferring their home loan to the lower rate of interest. As per the offer, existing home loan borrowers availing balance transfer scheme from 20th March to 26th March, 2017 are eligible for the offered gifts.
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