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Full of seawater, the capital city of Tamil Nadu is a wonderful location to explore and soak in the magnanimous experience that results from the same. Talking about the rented residents here, a dream home is what they crave for. If you figure among those, just apply for a home loan at Oriental Bank of Commerce, which has a fairly higher number of branches in Chennai. Its home loans are offered at pocket-friendly interest rates and enable an experience of smooth repayment.
Finding the perfect property and saving money for a down payment on a home loan are only a few of the challenges and decisions involved in fulfilling your goal of buying a home. However, several people are unable to obtain the amount of home loan they need. Any borrowers are turned down because they do not fulfil the loan eligibility requirements set out by different lenders. This is where bringing in a co-applicant will save the day. Including a co-applicant will also provide you with potential advantages.
Documents Needed to Avail Oriental Bank of Commerce Home Loan in Chennai
EWS , LIG (lower-income group), MIG-1 (middle-income group-1), and MIG-2 (middle-income group-2) are the four income groups. On OBC home loans, PMAY provides a subsidy of roughly 2.67 lakh rupees. Applicants for a home loan with OBC that is qualifying for the PMAY subsidy will do so.
If you have a good credit score, salary, working in a very good company with nil or very little debt you can negotiate for better loan amount with the bank. You can also co-borrow the loan in which case the combined salary can get you a better loan amount. The last option is applying for a top up loan which with good standing with bank and record of proper payment of EMI is attainable. Before a person applies for an Oriental Bank of Commerce Home loan it is best to do an eligibility check which is available on the Oriental Bank of Commerce website. This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible. If a person applies for credit multiple times within a very short period, you will look like you do not manage finances properly and is always looking for credit as you over spend.
Eligibility Criteria for Oriental Bank of Commerce Home Loan
This is because your property acts as the collateral for the home loan. If there is not proper documentation or if the property is under some legal action, then the loan will be rejected. If you do not match the salary criteria stipulated by Oriental Bank of Commerce your application will be rejected. It is something that everyone desires and have plans or ideas for their dream home. Before the price of land was comparatively lesser, where a person would work and save money to pay the full amount for a house without taking any loan.
The bank performs an impartial background check on the borrower’s credentials in addition to checking the records. The Government of India commenced the Pradhan Mantri Awas Yojana to encourage everybody to own a home. The scheme provides financial assistance to lower-income classes in society who receive less than 18 lakh rupees per annum by providing them with low-interest home loans.
Main home loan by the bank
The bank sends you an official authorization letter stating that your loan has been authorized, including this information. The bank verifies the papers you send after they have been submitted. Banks get up to two days to check your paperwork, which is vital to the home loan process. You will also be invited to visit the bank and participate in a face-to-face interview during this period. This is the bank’s way of ensuring that you will be able to repay the loan within the agreed-upon time frame. In today’s scenario most home loan applicant goes for joint applications to reduce the burden of EMI.
Customer service from the ORIENTAL BANK side was good for the Home loan I gave an application for . The rate of interest was real low in the website and in branch they told high rate of interest . Service is not much good from OBC ,customer service and other representatives is not much helpful . When the proposed loan tenure is set to be over, the age of the borrower should not be more than years.
Other Banks Home Loan Interest Rates
This shows, the bank that you are unreliable, and the home loan application might be rejected. The credit score is the accumulated score based on how regular you were in paying back your loan or credit card bill. This is the very first step taken by Oriental Bank of Commerce when screening your application. If your credit score is too low, then there is a good chance that your loan might be rejected. Any bank, when it gets a loan or credit card application will pull out the individuals credit score/ credit profile which is available with the number of credit bureaus operating in the country.
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In case of salaried professionals, there has to be proof that they were in employment for a minimum period of two or three years in total and minimum one year at their current workplace. The loan is available for individuals or a group of specified individuals, also called co-borrowers. OBC’s home loans also have some of the most extensive loan tenures in the market of up to 40 years. This is highest tenure among all home loans presently in the market.
Applying for a home loan is quite an easy process if you have all your documents in place. NRIs can avail a housing loan to purchase any number of residential or commercial properties as they wish. The applicant must have a regular income or salary coming in. The minimum age of the applicant must be 18 years of age. Any person who has been residing outside India for 182 days or more is legally an NRI as per government guidelines.
Provide a 0.05% concession to women to encourage them for their own homeownership. 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).
The documentation list to submit with your home loan application is not long. RBI requires one to provide only the supporting documents to prove identity, address, income, and proof of title of the property for the home loan. The loan amount can be repaid off through remittances from abroad or through debit to NRO/NRE/FCNR account. The applicant can also make the payment through the sale process of immovable properties. OBC allows for their home loans to be applied to by non-resident Indians and also by Person of Indian Origin .
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