Oriental Bank of Commerce is providing loans for the purpose of construction/ purchase of residential property. The Individuals having an assured source of Income like Salaried Employees, self employed professionals, businessman, farmers etc. for repairing/renovation/furnishing. Fixed rates can be re-set by the Bank after every 2 years at its sole discretion.

Purpose :- For Construction/ purchase of Residential House/ Flat.
Eligibility :- Individuals having an assured source of Income viz. Salaried Employees, self employed professionals, businessman, farmers, HUF etc.

Amount of Loan

For Businessmen :- 40 times Gross Monthly Income with a condition that the net take home after all deductions comes not less than 30%

For Salaried Persons :-60 times Gross Monthly Income with a condition that the net take home after all deductions comes not less than 30%.

Security

Mortgage of property.

Margin

- Loan Amount Upto Rs.5 Lacs - 10%
- Loan Amount Above Rs.5 Lacs &Upto Rs.20 Lacs - 15%
(revised margin shall be applicable in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)
- Loan above Rs.20.00 lac 25%

In case of Home Loans upto Rs.20.00 lacs sanctioned on or after 19.12.08, the bank will provide free life insurance cover for the entire amount of outstanding loan upto Rs.20.00 lac to the borrower. (This facility shall be allowed in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)

Rate of Interest

Float Interest Rate	:	9.25
Tenure	:	20
Charge for Changing Floating to Fixed	:	1%

Process Fee

• Nil for fresh Loans upto Rs.20.00 lac
(revised concession shall be applicable in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)

For Loans above Rs.20.00 lacs 0.50% of the loan amount subject to a maximum of Rs.12,500/-

Repayment :

Maximum within 20 years or till the borrower attains 70 years of age or repayment shall not extend beyond the age of retirement, whichever is later.
Repairs / Renovation/ Furnishing (For General Public)

Purpose :

For Repairs / Renovation/ Furnishing of house.

Eligibility :

Individuals having an assured source of income viz. salaried employees, self employed professionals, businessman, farmers, HUF etc.

Amount of Loan :

Max. Rs.10.00 lacs or 30% value of House/ Flat whichever is lower.

Security :

Mortgage of property.

Margin :

15%
Fixed rates shall be re-set by the Bank after every 2 years at its sole discretion.
Since the floating rates are linked to PLR, the rates shall be re-set as and when there is any change in PLR.

Repayment :

Maximum within 10 years.

Helpline Numbers: 1800 180 1235 :