Home Loan

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Home loan from OBC

Home loan from OBC

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  • 1. AN ASSIGNMENT OF PROJECT APPRAISAL ON Home Loan
  • 2.  Oriental Bank of Commerce made a beginning under its Founding Father, Late Rai Bahadur Lala Sohan Lal. The bank was nationalized on 15 April 1980. 19th position among the 20 nationalised banks.
  • 3.  On 14 August 2004, Global Trust Bank Limited (GTB) was amalgamated into OBC. On 31 March 2010 was the seventh largest Public Sector Bank in India. Does not allow online banking access from outside India.
  • 4.  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 (new or second hand) / semi built up house or flat. To Extend/improve/repair, the existing house or flat. To buy a flat under construction or proposed to be constructed For Home furnishing, furniture / fixtures embedded to structure.
  • 5.  Assessment Security Assessment Conditional Loan Sanction Loan Disbursement
  • 6.  At this stage, bank want to determine that applicant can afford the loan repayments. bank credit team will conduct income verification and validate the accuracy of the information applicant have provided. A credit check will then be carried out to reveal applicant credit history; in this case bank as a lender will obtain a credit report that will show the following details: Personal details such as: Name, Residential Addresses, Date of Birth and PAN card number Records of some recent credit accounts Overdue Accounts (Defaults) which may have been listed against applicant name, including an indicator on whether the default amount has been paid or not.
  • 7.  Technical Assessment: A qualified technical officer will conduct a valuation on the property applicant intend to purchase and any property that will be used as security. Legal Assessment: A qualified lawyer will examine the property documents i.e. chain of agreements/title etc to determine if the property documents provided by applicant are conducive for lending Based on the technical and legal assessment report, bank will determine if the property is suitable for mortgage lending purposes.
  • 8.  Considering there are no major issues with applicant income verification and credit checks, bank will provide conditional sanction for applicant loan. This means that bank will issue a formal Letter of Offer cum acceptance favouring the applicants to the loan. bank recommend the applicants to read that document carefully, sign and return it to the bank, making sure the information is correct and that everyone understands all the terms and conditions.
  • 9.  Once applicant have formally accepted loan offer, a thorough scrutiny of all of the above steps is conducted by bank Operations Team to ensure accuracy of the entire process.After clearance of the final processing fees cheque, the disbursement cheque for the approved amount is prepared by the Operations Manager and it is handed over to the applicant.
  • 10.  Purpose:-To buy built up (new or second hand) / semi built up house or flat. Amount Required:- Rs15,50,000/- Customer Information:- Mr. Pradeep Singha Giridhari Colony Parsudih Jamshedpur Jharkhand. 831001
  • 11.  Applied for an amount of Rs.:-Housing loans of Rs. 15,50,000/-Amount Approved:-Rs 15,50,000/- as maximum limit.Interest rate:-BR + 0.50 % = 10.90 %Repayment Period:-20years (240 month)
  • 12. Documents Last 4 month payslip. Last 6 months bank statements. Identity proof copy of valid passport / driving license / pan card/ voter ID card. 2 Passport size photograph of applicant. Loan application Form-cum-process note.
  • 13.  Loan Amount:- Rs15,50,000 Loan Tenure :- 240 month Interest Rate:- 10.90 % Calculated monthly Emi:- Rs 15,893.57 Yearly Interest amount:- Rs 1,13,222.84 Total interest amount:- Rs 22,64,456.8 Total Amount with Interest:- Rs 38,14,456.8
  • 14. Calculation of EMI (L X i) X (1+i)^N EMI = ----------------------------- { (1+i)^N } – 1L = Loan Amounti = Interest RateN = loan period in months
  • 15. (1550000X0.0090833)X(1+0.0090833)^240 EMI = --------------------------------- { (1+0.0090833)^240 } – 1 14079.115 X 8.75960 = ---------------------- 7.75960 = Rs 15,893.57/-