Table of Content
The net take-home salary must not be less than 30% of gross salary after the EMI for the proposed loan is deducted. The minimum age requirement is 21 years and the applicant must be less than 68 years of age. For self-employed individuals, some documents may be different.
Provides loan approval before the selection of the property. Easy application with minimum documentation and paperwork. Provide a 0.05% concession to women to encourage them for their own homeownership.
Your Eligibility
This type of loan is specifically for those individuals who want to renovate their homes but are not able to do so due to a lack of funds. This type of loan is specifically for those individuals who are Indian residents with an income of Rs. 2 Lakhs per annum. Is the information generated by the calculator accurate? The calculations made using this universal tool is almost accurate as it uses a general formula to calculate EMI. However, there could be slight variations owing to additional charges of the bank. Example – Sheetal Vidya has approached OBC for a 20-year home loan of ₹40 lakh.
All you have to do is change the data and the calculator will do its job automatically. Speed of Calculation – Using the online calculator, you can determine the EMI amount in seconds, rather than manually calculating for hours. This efficient system allows you to explore various loan tenure options, interest rates, and loan amounts to arrive at a suitable EMI. I have closed the loan before 4 years, the documentation process was simple and no hassle faced. The rate interest was simple interest of 5%, I got loan amount in one shot. After knowing the eligibility, it is also important for you to know the EMIs of the loan amount as well.
Oriental Bank of Commerce Personal Loan Contact Number
Salaried individuals or self-employed individuals can avail the housing loan by OBC. The loan is available for individuals or a group of specified individuals, also called co-borrowers. OBC home loans are available to salaried employees of state government and central government offices. If you are a self employed individual you can secure a home loan too.
Easily generate your invoice or other bills due for payments. With OneAdvisor Home, you can get the advice you need as you search for your dream home, check your affordability, connect with our mortgage specialists, and more. Whether you’re a first-time buyer, upgrader or investor, find advice you can trust. Trade around the world with access to 29 global exchanges and diversify with Futures and Leveraged FX.
Loan Amount (max)
The interest subsidy is available at rates which range from up to 6.5% p.a. Depending on the category under which the beneficiary falls. The above eligibility criteria was shown to give you a fair idea of the basic necessities that you need to keep in place to get the nod for a personal loan from OBC. But equally necessary is the assessment from your side to visualize the loan amount that you can actually demand based on your income and savings. The assessment can be done via the bank’s personal loan eligibility calculator.
List all the credentials you will need and prepare copies of it to submit with your application. One can even do it from the comfort of the homes, making the process less of a headache for the NRI who is still settling in. The interest rate that is available for an NRI or POI to get a home loan from OBC is 9.75%. Items like laptops, refrigerators, air conditioners, televisions, etc. will fall in the consumer durables category. Construction of a house on a plot of land already possessed by the applicant.
OBC Personal Loan Calculator FAQs
Households in the Middle Income Group-II have an annual income of between 12,00,001 and 18 lakh rupees. Specific Information for Home Improvement Loan SchemeEligible ProfilesAvailable to Salaried and Sef-employed IndividualsLoan AmountNew Customer – Up to 90% of the estimates from improvements. This type of loan is specially established for EWS/LIG, families under MIG-I, and MIG -II categories. The validity of this scheme is up to 31 march 2022 (EWS/LIG), 31 march 2021 (Families under MIG-I and MIG -II categories).
Many consumers are scrambling to get their interest rates set at steady prices, as this allows for easier financial management during the loan’s initial term. This is due to the fact that homeowners can accurately predict their equated monthly instalments and therefore repay their home loans more quickly. Fixed-rate home loans are typically priced at a higher interest rate than floating-rate home loans and are mostly aimed at the non-resident Indian population. The loan disbursement stage is the final phase in the entire housing loan process. Oriental Bank of Commerce debit card blocking customer service number and Oriental Bank of Commerce credit card blocking customer service number is also available. Can I use excel sheet to calculate and compare EMIs of various loans offered by different banks with OBC?
When you use the OBC home loan EMI calculator then you get the benefit of lower EMIs and can easily pay the amount through ECS, PDCs or NAH methods. As the OBC bank home loan interest rate is starting from 8.00% to 8.55% which is probably the lowest home loan interest rate. So by using the OBC home loan calculator, you can choose a suitable loan tenure for the payment of the borrowed amount. Also, you can easily pay the EMI through prepayment of your OBC home loan EMIs. OBC bank doesn’t charge any prepayment fee from the customer that means it provides you the best home loan deal. The interest rate for many types of loans is often advertised as an annual percentage rate, or APR.
Although individual credit standing is one of the most important determinants of the favorability of the interest rates borrowers receive, there are other considerations they can take note of. In most developed countries today, interest rates fluctuate mainly due to monetary policy set by central banks. The control of inflation is the major subject of monetary policies. Inflation is defined as the general increase in the price of goods and services and the fall in the purchasing power of money. It is closely related to interest rates on a macroeconomic level, and large-scale changes in either will have an effect on the other.
Below is an illustration that can give you a glimpse of what the bank has in store for you in terms of loan amount. Oriental Bank Of Commerce provide home loans for your property purchase or finance, with OBC bank home loans you can finance 75% to 90% of your property value. You can borrow your desired loan amount at a flexible OBC bank home loan interest rate. But, you must be thinking about how you can pay the borrowed loan amount?
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