Home Loan By Oriental Bank Of Commerce

I want to apply for Home Loan in Oriental Bank Of Commerce so can you tell me the criteria and the limit of the loan?

[pawan]

Oriental Bank Of Commerce provide Home Loan to Cutomers for Purchase of land and construction of a house.

Home Loan

Purpose

Purchase of land and construction of a house thereon.
Construction of house, where in the plot/land already owned by the applicant.
To buy built up / semi built up house or flat.
To Extend/improve/repair, the existing house or flat.

Criteria -

Individuals or group of specified individuals (co-borrowers) having an assured source of regular income viz. salaried / self-employed persons, professionals, businessmen, farmers etc.(including Staff & NRIs )

Minimum age
18 years as on date of application

Maximum age

For salaried(with pension) & other Individuals upto 70 year
For Salaried ( Non Pensionable)
upto 60 years or superannuation, which is earlier

Maximum Loan limit-

Housing Loan ---No upper ceiling (*conditions apply). The maximum permissible Bank finance can be calculated on the basis of income of individual as well as joint borrower, as the case may be.

Home furnishing Loan --Maximum Rs. 15.00 Lacs (restricted to 30% value of existing house),

Margin

Upto Rs. 30.00 Lacs 10%
Above Rs. 30.00 Lacs & Upto Rs. 75.00 Lacs 20%
Above Rs. 75.00 Lacs 25%
For Home furnishing 25% of total cost of renovation/furnishing

Net Take Home Income

Fross Annual income minus all existing deductions including IT deduction & Proposed loan installment) with details as under:

Gross Annual Income Net Take Home

Upto Rs. 5 lacs 50%

Above Rs. 5 Lacs to Rs. 10 Lacs 40%

Above Rs. 10 Lacs 30%

Customer service: 1800 180 1235