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OBC Loan Against Property Eligibility

OBC Loan Against Property Calculator India Jun 2021

Last Updated 11th May 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 21 - 60 years 21 - 65 years
Maximum Loan Tenure 10 years 10 years
  • OBC offers Loan Against Property Rates at 10.95% p.a.
  • OBC loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your OBC mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan

OBC has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on OBC Loan Against Property.

Loan Against Property Eligibility Calculator

OBC Loan Against Property Eligibility Based on Age

  • Age: OBC considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from OBC, one has to be of atleast 21 years of age. The maximum age for loan from OBC can be 60 years for salaried and 65 years for self employed. OBC eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 10 Years 10 Years
30 Years 10 Years 10 Years
40 Years 10 Years 10 Years
50 Years 10 Years 10 Years
60 Years - 5 Years

OBC Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. OBC typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your OBC loan against property eligibility.

  • Nature of Employment: OBC will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. OBC requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self employed individuals.

OBC Loan Against Property Eligibility Based on Value of Property

  • Value of Property: OBC does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 12 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 60% ₹ 20 Lakh ₹ 12 Lakh
    Residential Property 60% ₹ 20 Lakh ₹ 12 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with OBC, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of OBC.

OBC Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. OBC requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from OBC.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from OBC.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from OBC, improve your credit worthiness to get a good score before putting in an application in another bank.

OBC Mortgage Loan Eligibility Based on FOIR

OBC calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. OBC will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from OBC. Always calculate your eligibility with OBC mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from OBC?

The factors that determine the eligibility criteria of OBC property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get OBC mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for OBC loan against property?

The minimum age of the applicant should be 21 years and maximum should be 60 years for loan against property from OBC.

What is the tenure of OBC property loan?

OBC offers property loan for a tenure upto 10 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from OBC up to 60% of the market value of the property.

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OBC Loan Against Property News - Jun 2021
  • 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.
  • 2019-07-11 : 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.
  • 2019-06-13 : Oriental Bank of Commerce revises one-year MCLR by five bps
    Oriental Bank of Commerce (OBC) has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like home, auto, and personal loans cheaper. For a one-year tenor loan by five basis points to 8.70% from 8.75% earlier. For one-month tenor, the MCLR now stands at 8.35% which is down by ten bps from the earlier rate. While for six-month tenor, the new MCLR stands at 8.60% from 8.70%, down by ten bps. The revised rates are effective from June 11, 2019.
  • 2019-06-12 : Oriental Bank of Commerce revises MCLR rates across loan tenures
    Oriental Bank of Commerce (OBC) has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for overnight and one month, the rate stands at 8.30% and 8.35% respectively. For 3 months, the rate has been revised to 8.50%. While for 1 year, the rate stands at 8.70%. The revised rates are effective from June 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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