Oriental Bank of Commerce (OBC), established on 19th February,1943 is a nationalised bank. It was created to provide enhanced banking financial services. From 1st April,2020 OBC Bank has merged with Punjab National Bank (PNB). The Oriental Bank of Commerce offers a variety of services to its customers ranging from banking services to insurance policies and lending loans. It’s headquarter is located in Gurgaon, Haryana.
OBC Mortgage Loan: Loan Against Property
Your property is your biggest and your most valued asset. Raising a loan against your property, solves all sorts of monetary problems. You can use your property, your own land to borrow money without having to sell it. The Loan against property is also known as “Home equity loans”.
OBC is one of the most trustworthy centralised banks and gives you a desired loan against your property. Obtaining a loan from OBC is a cakewalk. It is easy, swift and simple. The loans are offered at an affordable price and are made available to everyone. Individuals can avail loans upto 60% value of their property.
Features of OBC Mortgage Loan
Loan Amount: Borrower can take a loan upto ₹10 crores, from the bank against their property. 60% value of the property is offered by OBC Bank for any land.
Interest charged: The Bank charges interest rates upto 10.60% which makes the loans affordable and easily accessible.
Purpose: OBC aims to give monetary support to individuals going through a financially tough time by providing loans against their property. It accepts both commercial and residential property.
Repayment of loans: The repayment of loans is no more an uphill battle. It is made easier by giving the individuals the choice to pay their loan in EMI amounts in their selected time period.
Loan clearance: With OBC banks, the loans get approved within 3 days of applying for it which makes it more convenient to get loans. There are no extra charges in getting a loan.
Overdraft: An overdraft option is offered by OBC Bank for loan against property, sometimes also known as OBC Loan against property overdraft. This way an individual has to pay for only the amount of loan that they have used.
Processing charges: 0.5% + GST is charged for processing of the loan amount.
Comfortable services: The Bank offers doorstep facilities and services, making the banking experience of a customer satisfactory.
How to apply for OBC Mortgage Loan?
The individual can apply for OBC Loan against Property either online or offline:
Visit a nearby OBC (PNB now) branch and enquire about the loan and the interest rates for property. Respected bank staff from the loan department will help you understand the loan process better and guide you through the entire procedure.
Apply online by visiting the official site of OBC. Browse the loan section and search for loans against property. Fill the application form and submit it. A bank staff will soon get in touch with you for the further process.
Eligibility for OBC loan against property
Employment: Self-employed or salaried individuals can avail this loan.
Age: 18-65 years.
Documents required:
- Salaried people: Application form, Proof of identity, Proof of residence, Bank statement, Salary statement, Passport size photo of the candidate, and The property document photocopies.
- Self-employed people: Application form, financial statements for the past 3 years, Proof of residence, Proof of identity, Bank Statement, and The property document photocopies.
Advantages of OBC Mortgage Loan
Lower Interest rates: OBC offers attractive rates of interest to facilitate the purpose of the individuals. One can easily access loans without worrying about high burdening interest rates.
Long tenures: The Bank gives the individuals the opportunity to choose the time period for the repayment of loans. Longer tenure period implies lesser EMI payments and vice versa.
Uncomplicated process: Getting a loan from OBC is a simple and easy process. The complications are almost nil.
Quick allocation of loans: It takes only 3 days to pass the loans after filing the important documents.
Pre-closing facility: The customer can close its home loan account before the tenure period if they don’t need it anymore.
If you are looking for a loan with very less interest, visit your nearest Oriental bank of Commerce. OBC mortgage loan is the best option for you.
Let us know under comments, if you have any questions.
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