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OBC Home Loan Balance Transfer

Home Loan Transfer to OBC

Last Updated 11th May 2021

Interest Rate6.95%
Processing FeeNil
Lowest EMI per lakh₹ 704
Loan Tenure25 years
  • OBC offers home loan balance transfer facility at low interest rates starting at 6.95% for a tenure of upto 25 years.
  • Transfer home loan to OBC to reduce EMIs and save more on interest.
  • Avail top up from OBC at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

OBC Home Loan Transfer

OBC, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to OBC at lowest interest rates. To transfer your housing loan to OBC, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of OBC.

OBC Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to OBC, compare and calculate all the costs of loan transfer. The table below mentions OBC home loan transfer interest rate and other home loan transfer charges of OBC.

Home Loan Rates 6.75%
Processing Fees Upto 0.50% and Maximum ₹ 20,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of OBC Home Loan Transfer

To transfer your existing home loan to OBC, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to OBC upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to OBC and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • OBC will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to OBC will be completed.

Eligibility for OBC Home Loan Transfer

To transfer your home loan to OBC, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for OBC.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to OBC.
  • You must be an Indian resident and fulfil the age criteria of OBC. The minimum & maximum age to avail a OBC home loan is 18 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of OBC Home Loan Transfer

Here are key features of OBC Home Loan Transfer:

  • Lower Interest Rates: OBC offers lower home loan rates starting at 6.75% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to OBC.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of OBC, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With OBC home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the OBC.

Document Required for OBC Home Loan Transfer

To avail of home loan balance transfer from OBC, you need to submit the following documents to OBC.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to OBC?

Yes, transferring your home loan to OBC is a good idea for home loan borrowers as OBC provides lower home loan rates starting at 6.95%.

How can I transfer my OBC home loan from one branch to another?

To transfer your OBC home loan from one branch to another, you can place your request through net banking/mobile banking. OBC also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for OBC home loan balance transfer?

Yes, OBC charges home loan transfer fees such as for OBC home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a OBC home loan balance transfer?

If you apply for a home loan transfer to OBC, you can clear off your existing home loan at lower rates and save more on interest. Besides that, OBC home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my OBC home loan balance transfer?

To know your OBC home loan status, you can call OBC home loan customer care number or visit OBC official website to check the status.


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OBC Home Loan News - Jun 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.
  • 2019-07-11 : OBC retail loans to get cheaper, lender slashes its MCLR rates by 5-10 bps across various tenures
    The retail loans offered by Oriental Bank of Commerce (OBC) will get cheaper now as the lender has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 to 10 basis points across various tenors with immediate effect. The lender has reduced the one-year MCLR to 8.65% as against 8.70% earlier. While for one month and three months, the rate stands at 8.25% and 8.45% which is down by 10 basis points and 5 basis points from earlier rates. The rates are effective from July 11, 2019.
*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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