OBC Loan Against Property Interest Rate Calculator - Oct 2016

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OBC Loan Against Property Interest Rates

Last Updated 20th Oct 16

OBC Loan Against Property Interest Rate 11.8%
Check Special Offers
Lowest EMI Rs. 1,423 per lakh
Max Tenure 10 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 

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OBC Loan Against Property

OBC offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 60% of the market’s value for tenure of 18 years.

Loan Against Property OBC

OBC Loan Against Property interest rate is the rate which you pay over the loan amount that you have borrowed from the bank. Loan Against Property interest rates offered by OBC depends upon MCLR
  • Floating rates changes with a single change in OBC MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
OBC offers Property Loan based on 1 Year MCLR which is currently 9.55%
OBC mortgage loan interest rate depends upon
  • OBC Loan Against Property amount: OBC mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: OBC has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. OBC interest rate varies with your monthly income. Higher the income, less will the rate of interest

OBC Loan Against Property Charges

OBC Loan Against Property foreclosure charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. OBC allows prepayment of loan against property with Nil prepayment charges
Processing Fee - OBC asks for a processing fee of 0.50% of loan amount with applicable service tax

OBC Loan Against Property EMI Calculator

Loan Against Property EMI of OBC is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • OBC Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating OBC Loan Against Property EMI?
  • OBC Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • OBC EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

OBC Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria OBC
Eligibility of Loan Against Property in OBC relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: OBC offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: OBC decides your loan amount based on the market value of the property which you place as your collateral for the loan. OBC lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. OBC gives maximum LTV of 60% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. OBC checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. OBC does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, OBC gives you a maximum tenure of 18 years for a maximum loan amount of Rs.100,000,000 with a minimum spread of 2.25% over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
    Business person should be in business from the past 0 years and minimum ITR of last 2years is required as proof to OBC
Estimated eligibility online by using OBC Loan Against Property Eligibility Calculator.

OBC Floating Rate Home Loans

OBC Loan Against Property Floating
Upto Rs. 2,500,000 - 11.8%
Rs. 2,500,001 - 7,500,000 - 11.8%
Rs. 7,500,001 - 30,000,000 - 11.8%
Above Rs. 30,000,000 - 11.8% linked to 1 Year MCLR

OBC Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to OBC?
OBC offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of OBC
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property OBC documents required

Loan Against Property for Salaried employee OBC documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed OBC documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 2 years
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from OBC

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of OBC
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
30th Sep 15 9.70% decreased by 0.2%
29th Sep 15: 0.5% repo cut by RBI
17th Aug 15 9.90% decreased by 0.1%
02nd Jun 15: 0.25% repo cut by RBI
15th May 15 10.00% decreased by 0.25%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
25th Feb 13 10.25% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
14th May 12 10.50% decreased by 0.15%
17th Apr 12: 0.5% repo cut by RBI
11th Apr 12 10.65% decreased by 0.1%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
12th Jul 11 10.25% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
02nd Feb 11 9.50% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
15th Dec 10 9.00% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00%

OBC MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions – OBC Loan Against Property

What are the five things to check before applying for loan against property in OBC ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from OBC and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to OBC and other banks and all EMI's have been paid. Note that OBC can see record of your EMI defaults to all banks and NBFC’s in India and not just to OBC in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will OBC loan against property interest rate remain fixed or will it change in future?

  • Floating interest rate on OBC property loan is linked to its MCLR, which is currently 9.55%. So, when OBC offers a loan against property at 11.8%, it applies a 2.25% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of OBC, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on OBC loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

OBC Loan Against Property Customer Care Number, Email, Application Status

Contact Details of OBC Loan Against Property Branches
City Customer Care Number
Agra 0562 - 2158816
Ambala 1800-180-1235
Anand 1800-180-1235
Aurangabad 1800-180-1235
Bangalore 080 - 25808905
Bhilai 1800-180-1235
Bhilwara 1800-180-1235
Bhiwadi 1800-180-1235
Bhopal 1800-180-1235
Bhubaneswar Cuttack 1800-180-1235
Bikaner 1800-180-1235
Chandigarh 0172 - 2704386
Chennai 044 - 28498899
Cochin 1800-180-1235
Coimbatore 1800-180-1235
Dehradun 1800-180-1235
Delhi 011 - 28751536
Durg 1800-180-1235
Faridabad 1800-180-1235
Ghaziabad 1800-180-1235
Goa 1800-180-1235
Greater Noida 011 - 28751536
Gurgaon 1800-180-1235
Guwahati 1800-180-1235
Gwalior 1800-180-1235
Hyderabad 040 - 23351 - 233
Indore 1800-180-1235
Jabalpur 1800-180-1235
Jaipur 1800-180-1235
Jalandhar 1800-180-1235
Jodhpur 1800-180-1235
Kanpur 1800-180-1235
Karnal 1800-180-1235
Kolhapur 1800-180-1235
Kolkata 1800-180-1235
Kota 1800-180-1235
Kozhikode 1800-180-1235
Lucknow 0522 - 2305764
Ludhiana 1800-180-1235
Madurai 1800-180-1235
Meerut 1800-180-1235
Mehsana 1800-180-1235
Mohali Sas Nagar 1800-180-1235
Mumbai 022 - 43434646
Mussoorie 1800-180-1235
Nagpur 022 - 43434646
Nashik 022 - 43434646
Noida 011 - 28751536
Noida Extn. 011 - 28751536
Panipat 1800-180-1235
Patna 1800-180-1235
Pondicherry 1800-180-1235
Pune 020 - 25676464
Raipur 1800-180-1235
Rajkot 1800-180-1235
Ranchi 1800-180-1235
Rohtak 1800-180-1235
Roorkee 1800-180-1235
Salem 044 - 28498899
Shimla 1800-180-1235
Sonepat 1800-180-1235
Surat 1800-180-1235
Trichy 1800-180-1235
Udaipur 1800-180-1235
Vadodara 1800-180-1235
Varanasi 1800-180-1235
Vijaywada 1800-180-1235
Vizag 1800-180-1235
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Loan Against Property @ 10.60%* Cashback Upto Rs. 5,000

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OBC Loan Against Property News - Oct 2016
03rd Nov 15 OBC profit up 3.4% on higher credit demand
OBC reported a 3.4 % growth in net profit on an annual basis as a result of a healthy pick-up in the credit demand.