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OBC Home Loan

OBC Housing Loan 2021

Last Updated 03rd Aug 2021

OBC is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.35% with quick approval and online process. Home Loan in OBC is quite popular with its special features and attractive rates under various OBC home loan schemes for different income and occupation groups. Some of the key features of OBC housing loan are:

  • OBC also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • OBC has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your OBC home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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OBC Home Loan Details

OBC offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan OBC

Age Min 18 and Max 60 years for Salaried
Min 18 and Max 60 years for Self Employed
Repayment Tenure 25 years
Interest Rate 7.35%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Maximum ₹ 20,000
Lowest EMI Per Lakh ₹ 729
  • Purpose of Loan: OBC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of OBC Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 25 years.
    • Interest rates in the range of 7.35% to 7.85%.
    • OBC home loan EMI per lakh starts from ₹ 729. However, you can calculate your home loan EMI using OBC home loan calculator 2021.
  • Special schemes: OBC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of OBC Home Loans

Some of the features and benefits of OBC Home Loans are listed as follows:-

  • OBC Home Loan Interest Rate starts from 6.70%.
  • OBC charges a processing fees of Upto 0.50%, Maximum ₹ 20,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from OBC is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • OBC allows prepayment of home loans with Nil charges on floating rate loans.
  • OBC has an average customer rating of 2.5/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from OBC?

Getting a home loan from OBC is fairly easy with an online application process. 5 Steps for OBC Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of OBC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of OBC or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a OBC’s representative will visit your home or office to collect your documents.
  • Step 4: OBC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from OBC and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

OBC Home Loan Documents Required

To apply for a home loan in OBC, the bank asks you to submit the following OBC Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or OBC account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

OBC Home Loan EMI Calculator

OBC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. OBC Home loan calculator helps the loan borrower pre-plan their home loan in advance.

OBC Home Loan Eligibility Calculator

OBC Home loan eligibility calculator is an online tool that helps the OBC home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare OBC Home Loan with Other Banks

FAQs

What are the documents required for home loan OBC?

To apply for OBC Home Loan, you will be required to submit OBC home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from OBC ?

Below-mentioned is the reason why you must avail a home loan from OBC

Can I apply for an OBC home loan online?

Yes, you can apply for a OBC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best OBC home loan scheme?

Choosing the best OBC home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best OBC home loan scheme is based on one’s needs.

Is OBC good for a home loan?

OBC is one of the best home loan lenders in the country. Currently, OBC home loan interest rate 2021 starts at 6.50%.

How can I check my OBC home loan status?

One can check their OBC home loan status on OBC’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the OBC mobile app

What is the eligibility for a Home Loan of OBC?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is OBC Home Loan procedure?

There are two methods to complete the application for OBC Home Loan Process online:

  • Apply online at OBC official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

What is the maximum loan tenure I can opt under OBC house loan?

OBC offers you a longer tenure of 25 years to repay your loan with the benefit of paying less EMI per month.

Does OBC check CIBIL for home loan?

Yes, to avail home loan from OBC, you must fulfill OBC Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to OBC?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to OBC can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in OBC is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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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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