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Housing loan obc


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Housing loan obc

  1. 1. Housing LoanORIENTAL HOME LOAN SCHEMEPurpose 1. Purchase of land and construction of a house thereon. 2. Construction of house, where in the plot/land already owned by the applicant. 3. To buy built up (new or second hand) / semi built up house or flat. 4. To Extend/improve/repair, the existing house or flat. 5.To buy a flat under construction or proposed to be constructed 6. For Home furnishing, furniture / fixtures embedded to structure or otherwise..Eligibility Individuals or group of specified individuals (co-borrowers)Criteria including HUF having an assured source of regular income viz. salaried / self-employed persons, professionals, businessmen, farmers etc.(including Staff & NRIs )Maximum Loan limit For Business man-40 times Gross monthly Income and for salaried person -60 times Gross monthly Income with a condition that the net take income(gross Annual income minus all existing deductions,IT deduction & Proposed loan instalment)is in 20-40% slab as per Gross Annual income Housing Loan ---No upper ceiling (*conditions apply). Home furnishing Loan --Maximum Rs. 10.00 Lacs(restricted to 30% value of existing house), 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.Minimum age 18 years as on date of applicationMaximum age Upto 60 years of age or age of superannuation,which ever is earlier, however in case of availability of joint/coborrower and one borrower is having comparatively younger age in consonance with repayment period,then it can be considered upto 65 years of age for elder coborrower and 60 years of age for younger coborrowerPrimary/Collateral Security Primary--Equitable/ Registered Mortgage of financed property/property proposed to be furnished Collateral--NilMargin Upto Loan Rs. 20.00 15% Lacs Above Rs. 20.00 Lacs 25% For Home furnishing 25% of total cost of
  2. 2. renovation/furnishingRate of Interest Click here to view Rate of Interest Concession in rate of interest to captive and loyal customers, group of employee borrowers. (Conditions apply. )Interest switchover option to existing During the currency of housing loan, if borrower feels thatborrowers. the current prevailing card rate of Home loan is in favour as compared to interest actually applied in his account ,he can use the switchover option.Process fee 0.50% of the loan amount, subject to maximum of Rs. 20000/- plus service tax, if anyOther Charges Prepayment Penalty / documentation charges/ upfront fee- NILRepayment For Home Loan -Upto 300 months, preferably in EMI Period including the moratorium period of 18 months For Home Furnishing Loan-Maximum 120 monthsSecond home loans, takeover of home loan accounts, loan to NRIs facility is available as per thedetailed scheme.List of Documents/ Information to be provided by the applicant along with Loan Application Form.(These documents are indicative, relevant documents be obtained on case to case basis)Loan application Form-cum-process note LF-2/Passport size photograph of applicant and co-applicant, IDProof i.e. copy of valid passport / driving license / pan card/ voter ID card /Copy of bank account statement forlast 6 months, Saving as well as current accounts. In case of bank take over, copy of home loan accountstatement for the entire period shall be obtained/Also a certificate from the lending institution giving pre-closure amount./Affidavit as per Format.Title clearance report from advocate and valuation report from architect on Banks panel alongwith allrequired Documents/papers relating to title deeds of property be submitted