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OBC Home Loan Interest Rates 2021

OBC Housing Loan Interest Rate -Today

Last Updated 15th Jul 2021

Current OBC Home Loan interest rates Jul 2021 starts at 7.35% p.a. for a maximum tenure of 25 years. The processing fee on its housing loans is Upto 0.50%, Maximum ₹ 20,000.

Loan AmountOBC Repo Rate Home Loan Rate
Upto ₹ 30 Lakh7.35%
₹ 30 Lakh - ₹ 75 Lakh7.35%
₹ 75 Lakh - ₹ 1.50 Cr7.35%
Above ₹ 1.50 Cr7.35%

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.

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Current OBC Home Loan Rate

Today OBC home loan interest rates are in the range of 7.35% to 7.85%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.35%.

Below-mentioned are OBC home loan rates for multiple housing schemes.

OBC Home Loan Scheme Interest Rates
OBC Repo Rate Home Loan7.35% - 7.85%

OBC Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in OBC for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 30 Lakh 7.35%
₹ 30 Lakh - ₹ 75 Lakh 7.35%
₹ 75 Lakh - 1.50 Cr 7.35%
Above ₹ 1.50 Cr 7.35%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 7.35%
₹ 30 Lakh - ₹ 75 Lakh 7.35%
₹ 75 Lakh - 1.50 Cr 7.35%
Above ₹ 1.50 Cr 7.35%

OBC Home Loan Processing Fee and Other Charges

OBC home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. OBC charges the maximum processing fees at ₹ 20,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; maximum fee of ₹ 20,000
Foreclosure Charges Nil for floating rate home loans

OBC Home Loan Balance Transfer Interest Rates

OBC home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to OBC at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, OBC offers the lowest home loan balance transfer rate of 7.35%.

Illustration on Home Loan Interest Rate OBC
Maximum Annual Percentage Rate (APR) 7.37% to 7.87%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 25 Years
  • OBC Home Loan Interest Rate: 7.35% to 7.85%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 729 for 25 Years ₹ 1,00,000 loan at 7.35% (lowest rate, longest time period) to ₹ 2,020 for 5 Years ₹ 1,00,000 loan at 7.85% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.37% to 7.87%
  • Total cost payable over loan tenure: ₹ 1,20,300 for 5 Years loan to ₹ 2,19,278 for 25 Years loan

FAQs

What is OBC Home Loan Interest Rate?

OBC Home Loan interest rate ranges between 7.35% to 7.85%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has OBC reduced home loan rates?

As per the current rates, OBC has hiked its home loan rates by 0.4% from 6.95% to 7.35%. The new rates are effective from 01 Apr, 2021.

Why should I opt for balance transfer to OBC?

OBC offers lowest Home Loan EMI of ₹ 729 per lakh availed at the lowest interest rate 7.35% for a maximum tenure of 25 years. you are paying an EMI more than ₹ 729 per lakh, you should consider the option for a loan transfer to OBC from your existing bank.

  • OBC offers RBI Repo Rate linked Home Loan which starts at 7.35%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called OBC Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.35% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the OBC Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then OBC Repo Rate linked Home Loan rate will cut from 7.35% to 7.2%.

What is the current OBC Home Loan rate?

The current OBC Home Loan rate starts from 7.35% with a processing fee of Upto 0.50%, and Maximum ₹ 20,000.OBC housing loan rate varies across the applicant’s eligibility and the scheme they opt for. OBC offers different home loan rates for different home loan products.

Can OBC housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with OBC to lower the home loan rates.

What are the interest rates of home improvement loans in OBC?

You can avail of OBC home loans for home improvement at regular home loan rates starting at 6.65%.

Can OBC revise the home loan interest rates for their existing customers?

OBC home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does OBC offer a concessional home loan interest rate for women?

Yes, OBC offers special home loan interest rates for women. As against OBC home loan rates for male which is 7.35%, the home loan interest rate for women starts at %.

What is the OBC home loan rate of ₹ 25 Lakh for 15 years?

OBC home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, OBC provides home loan interest rate starting at 6.65%.

At what interest rate does an OBC employee get a home loan?

OBC offers concessional home loan rates of about 1% than the current home loan rates to OBC employees.

Is OBC home loan a floating rate loan or fixed-rate loan?

OBC home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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OBC Home Loan News - Jul 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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