Oriental Bank of Commerce Home Loan

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OBC Home Loan @ Lowest Rates

  • Interest Rate: 8.65% onwards
  • Loan Tenure: Upto 40 years
  • Processing Fees: 0.50%

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To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

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G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

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Yours faithfully,
Name :

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Date :28/02/2020

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Date : 28/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

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Date :28/02/2020

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YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

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Date : 28/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :28/02/2020

CC:
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CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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Updated: 06-01-2020 09:08:02 AM

The Oriental Bank of Commerce (OBC) is one of the leading public sector banks in India. The bank offers consumer, private, commercial and investment banking services to its customers. OBC offers two types of home loan schemes which are Housing Loan and Home Furnishing Loan. The OBC Housing Loan can be used for buying a land and to construct a house upon it thereafter. Loan applicants who wish to furnish their homes with furniture and fixtures may use the Home Furnishing Loan under the Oriental Home Loan Scheme. Let’s further gain more understanding on the interest rates, features and charges of these OBC home loan schemes.

OBC Home Loan

Oriental Bank of Commerce Interest Rate 2020
Interest Rate8.65% onwards
Age CriteriaMin. 18 years & Max. 75 years
Loan TenureUpto 40 years
Loan Amount – Home LoanAs per the applicant’s combined income
Loan Amount – Furnishing Home LoanUp to Rs. 25 lakh (Upto 30% of existing property value)
Processing Fees0.50% of the loan amount, Max Rs. 30,000
Repayment Tenure–Home Furnishing LoanUpto 10 years
MarginMax 20%

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.

Purpose of OBC Home Loan
Key Features of OBC Housing Loan:
Oriental Bank of Commerce Home Furnishing Loan
Agricultural Loans by Oriental Bank of Commerce
OBC Home Loan Eligibility:
Oriental Bank of Commerce Home Loan Interest Rates
Documentation Required for Oriental Bank of Commerce Home Loan
Applying OBC Home Loan

Purpose of OBC Home Loan

  • Purchase of plot/land and house construction thereon
  • House Construction, where in the plot/land has been already owned by the applicant
  • Purchase of built/semi built up house or flat
  • To repair/improve or extend the existing house or flat
  • For Home furnishing purposes
  • To buy under construction flat
  • Home Loan balance transfer from another bank

Key Features of OBC Housing Loan:

  • The OBC Housing Loan may be availed by businesspersons or self-employed professionals who can show a minimum of three years in their field of business or activity. Applicants who are salaried employees should have a regular and permanent job with a reputed company for at least two to three years. Groups of individuals, including a Hindu Undivided Family (HUF) may avail this loan. This loan is available to Non–Resident Indians(NRIs) and to farmers as well.
  • The Oriental Bank of Commerce calculates the maximum possible amount that it may disburse as housing loan to the loan applicant, on the basis of the income earned by the loan applicant as an individual or the income earned by the loan applicants when applied for jointly with one or more people.
  • Special rates of interest are given to existing customers of Oriental Bank of Commerce so that they may prefer to avail a home loan from OBC, rather than go to another bank. Similarly, an applicant who is currently a home loan borrower or certain employees of OBC, receive concessions on the rates of interest when they apply for a new home loan from the Oriental Bank of Commerce.
  • Borrowers of the Oriental Bank of Commerce Housing Loan have maximum repayment tenure of 480 months or 40 years; this is inclusive of the holiday period or moratorium period during which the borrower does not have to pay any EMI. It is usually in the borrowers’ interest to opt for longer repayment tenure as it will correspond with a lower EMI (Equated Monthly Instalment). However, if the borrower has the financial stability and freedom to pay off his or her loan at a quicker pace with shorter repayment tenure, OBC will not dissuade the borrower from doing so. The shorter repayment tenure will correspond to a higher EMI, but if the borrower is comfortable with it, there is no problem.
  • The Oriental Bank of Commerce Housing Loan offers a holiday period or moratorium period of 18 months from the date of loan disbursal.
  • Loan applicants may mortgage the property that they are looking to buy or construct to provide a form of security for the Oriental Bank of Commerce. The plot of land should therefore, be in the applicants’ name or held jointly with the applicants’ spouse or parents. The loan applicant will need to have a clearly marketable title over the said property.

Oriental Bank of Commerce Home Furnishing Loan

This subcategory of the OBC Home Loan Scheme is for those customers who want to renovate or repair their existing home.

OBC Home Furnishing Loan Interest Rate 2019
Interest Rate9.75% onwards
Age CriteriaMin. 18 years & Max. 70 years
Loan TenureUpto 40 years
Loan AmountUpto Rs. 25 lakh (Upto 30% of existing property value)
Repayment TenureUpto 60 EMIs, Max age of 70 years
MarginMax 25% of furnishing cost

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.

Purpose of Home Furnishing Loan:

  • For purchase of consumer durables items, kitchen equipment and various furnishing items that include Laptops, LEDs, Refrigerators, Air conditioners, room coolers, carpets, etc.
  • For any personal use which is not illegal
  • For the purchase of life insurance plan under group protection scheme for home loan borrower(s)

Agricultural Loans by Oriental Bank of Commerce

The bank also offers agricultural loans for constructing or buying purposes.

Loans for Construction of Form Structure and Farm House and Dwelling Units

These are also agricultural loans which are issued for construction or establishment purposes. The purpose, eligibility & features of the loan are as follows:

Purpose:

  • For construction farm structures namely warehouse, farm store, water trough, threshing yard, fencing and cattle, livestock, implement, tractor, and truck sheds.
  • For construction of farm house and dwelling unit,

Eligibility:

All farmers having own land with enough income to repay the EMIs and have suitable productive utility of proposed construction.

                                        Agriculture Loan from OBC 
Interest Rate8.75% onwards
Age CriteriaMax. 70 years
Loan TenureUp to 15 years
Loan Amount Up to Rs. 20 lakh
Margin15% of cost of construction
SecurityMortgage / charge on Agriculture land along with Farm structures
Gestation period18 months

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI.GST and service tax shall be levied extra on the mentioned charges.

OBC Home Loan Eligibility:

Indian residents and Non Resident Indians may avail this loan; groups of individuals may apply for this loan, including a Hindu Undivided Family.  The loan applicant has to be at least 18 years of age, with a maximum age of 75 years for the salaried individuals and 60 years for non-salaried applicants. Loan applicants need to have a regular and assured source of income via business or salary that is more than the minimum income required.

Factors that Affect the Eligibility of a Person

There are certain factors that have an effect on the eligibility of a person, these are:

  • Income of the loan applicant
  • Age of the loan applicant
  • Loan applicant’s qualifications
  • Spouse’s income
  • Number of dependents
  • Stability and continuity of the loan applicants’ occupation
  • Loan applicants’ assets and liabilities

Oriental Bank of Commerce Home Loan Interest Rates

The Oriental Home Loan Scheme is offered at an interest rate of 8.75% onwards.

Oriental Bank of Commerce Home Loan Applicable Charges

The Oriental Bank of Commerce Home Loan has charges 0.50% of the loan amount as the processing charges, to a maximum of Rs. 30000. OBC does not charge anything for pre-payment, upfront fees or documentation fees.

Repayment Period of the Oriental Bank of Commerce Home Loan

Borrowers of the Oriental Bank of Commerce Housing Loan have to repay their loan within 480 months or 40 years, which is inclusive of 18 months that is considered as the moratorium period. The moratorium period is a period of time during which the borrower does not have to pay the loan. In this case, the moratorium period is of 18 months.

Borrowers of the Oriental Bank of Commerce Home Furnishing Loan have to repay their loan within 120 months, or 10 years.

Maximum Loan Amount Available under the Oriental Bank of Commerce Home Loan

The Oriental Bank of Commerce Housing Loan does not have a ceiling limit; however, it is subject to certain conditions. A businessperson may get a loan of a maximum of 40 times his or her Gross Monthly Income. A salaried employee will get this loan at a maximum of 60 times his or her Gross Monthly Income.

The Oriental Bank Home Furnishing Loan may be availed for a maximum amount of Rs. 10 lakhs. This amount is restricted to 30% the value of the existing house.

Margin on the Oriental Bank of Commerce Home Loan

For the Oriental Bank of Commerce Housing Loan:

Loan Amount CategorisationMargin
Loan amount up to Rs. 30 lakhs10%
Loan amount above Rs.30 lakhs and up to Rs. 75 lakhs20%
For loan amount more than Rs 75 lakhs25%
For Home Furnishing25% of the total furnishing or renovation costs

Interest Switch over Option

Oriental Bank of Commerce gives its customers/borrowers the freedom to switch over to a prevailing rate of interest if he or she is of the opinion that the prevailing or current interest rate is more favourable to them.

Security Accepted by Oriental Bank of Commerce for its Home Loan

Oriental Bank of Commerce accepts equitable/registered mortgage of the financed property or property that is to be furnished. Oriental Bank of Commerce does not ask for any collateral for its home loan.

Documentation Required for Oriental Bank of Commerce Home Loan

Loan applicants have to provide the following to apply for the Oriental Bank of Commerce Housing Loan:

  • An application form-cum-process note
  • Proof of identity should be furnished in the form of a passport, or PAN Card or driving license or Voter’s ID Card
  • Salaried applicants have to provide their salary certificate as proof of income
  • Businesspersons and self-employed professionals may provide their profit and loss statement, etc. as proof of income
  • Applicants have to show the agreement for the sale of flat/house that they wish to buy and proof of membership (for co-operative societies)
  • Businesspersons and self –employed professionals should show proof of existence in the line of business or activity
  • Applicants have to provide their previous six months bank account statement
  • Applicants have to provide a Title Clearance report from a bank-approved advocate as well as a valuation report from a bank-approved engineer or architect
  • Two passport sized photographs of the loan applicant/s
  • If it is a case of a bank take-over, the applicant will have to provide a copy of the home loan account statement and a certificate from the lending institution mentioning the pre-closure amount
  • Except for the passport-sized photographs, the loan applicant will have to provide the above documents in original and in self-attested copies for the purpose of verification for the Oriental Bank of Commerce.

Applying OBC Home Loan

Oriental Bank of Commerce provides special rates of interest on its home loans for existing customers of its banking services. Furthermore, those who already have a loan from the bank and certain groups of employees also enjoy special rates of interest on its home loan. However, if you want to check and compare from numerous loan options, you can simply visit paisabazaar.com and apply for any available loan as per your requirements.

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