Housing Loan

ORIENTAL 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 constructed6. For Home furnishing, furniture / fixtures embedded to structure or otherwise..

Eligibility Criteria

Individuals or group of specified individuals (co-borrowers) 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 andsalaried person -60 times Gross monthly Incomecondition 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 incomeHousing 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 ageMaximum age

18 years as on date of applicationUpto 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 coborrower

Primary/Collateral Security Primary--Equitable/ Registered Mortgage of financed property/property proposed to be furnishedCollateral--Nil

Margin Upto Loan Rs. 20.00 LacsAbove Rs. 20.00 LacsFor Home furnishing 25% of total cost of

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 borrowers.

During the currency of housing loan,  if borrower feels that 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 any

Other Charges Prepayment Penalty / documentation charges/ upfront fee- NIL

Repayment  Period

For Home Loan -Upto  300 months, preferably in EMI including the moratorium period of 18 monthsFor Home Furnishing Loan-Maximum 120 months

Second home loans, takeover of home loan accounts, loan to NRI's  facility is available as per the detailed 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, ID Proof i.e. copy of valid passport / driving license / pan card/ voter ID card /Copy of bank account statement for last 6 months, Saving as well as current accounts. In case of bank take over, copy of home loan account statement 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 Bank's panel alongwith all required   Documents/papers relating to title deeds of property  be submitted