Hide
#

Oriental Mortgage Loan

  • Eligibility
    Purpose

    To offer term loan facility for specified purpose against the security of immovable property (i.e. for investment in business to raise long term funds, personal expenses etc.) The loan can be used to meet any legitimate need based investments/ expenses.
    Note: The loan shall not be granted for investment in real estate business, speculative (Speculation in stock, shares, securities, commodities, bullion etc) & prohibited purposes as restricted by Law.

    Eligibility
    • All Individuals & Joint owners who are income tax assesses for at least last two consecutive years
    • Individual engaged in agriculture & allied activities .
    • Company / firms jointly with their Directors/ Partners are eligible, where security is either owned by the Director Partner or the company/ firms itself and the income generated by the Company/ Firm is considered. In such cases, loans shall be sanctioned by Cluster Head.
    • NRIs are also eligible to avail credit facility under OMLS subject to compliance of RBI norms. However, a resident Indian shall be co-borrower in such cases.
    Monthly income Net take Home
    Upto ` 50000 40 %
    More than ` 50000/- 30 %
  • Finance
    Nature of facility
    • Term Loan ,
    • Overdraft limit
    • Term Loan + Overdraft Limit (COMBO OFFER)
    Assessment of Loan

    (A) 60% of the realizable value of the property (overall maximum limit).
    (B.i) 36 times of average gross monthly income on the basis of last salary slip for salaried person. However, in case of major variance in salary, MPBF can be calculated on the basis of average salary for last 12 months.
    (B.ii) 4 times of average net annual income of last 2 years in case of persons other than salaried ones.
    Whichever is less between A and B(i) or B(ii)
    The Net take home income criteria shall be as under in case of Individuals/Proprietor after all deductions including income tax and the EMI or monthly servicing of interest and principal of the proposed Term loan/Overdraft under the

    Monthly income Net take Home
    Upto ` 50000 40%
    More than ` 50000/- 30%
    Minimum Loan Amount

    Minimum loan to be considered under the scheme is of ₹ 5.00 lacs.

    Process Fee

    In case of Term Loan: 0.50% of Loan amount + Service Tax, if any (One Time Fee), to be recovered up front before release of Term Loan.

    In case of Overdraft facility: - 0.10% of loan amount + Service Tax, if any (Recurring Fee). The fee shall be charged annually at the time of review of OD limit.

    Documentation Charges

    NIL

  • Rate of Interest and Repayment
    ROI

    MCLR +2.25 % for both TL & OD

    Repayment Period/ Term

    A) For Business Entities

    • Term Loan: Maximum upto 120 months repayable on EMI basis
    • Overdraft limit: 120 months subject to annual review with progressively reducing limit on monthly/quarterly instalment basis so as to liquidate the facility within the maximum period of 10 years.
    • Term Loan + Overdraft Limit (COMBO OFFER): 60% of loan amount will be in the shape of Term Loan repayable in 84 months & 40% in the shape of Overdraft limit (Non-reducing) to be renewed annually. (The Loan/Overdraft limit will be repayable upto maximum age of 75 years of Guarantor )
     

    B) For Individuals(salaried & others)

    • Term Loan: Maximum up to 120 months repayable on EMI basis
    • Overdraft limit: 120 months subject to annual review with progressively reducing limit on monthly/quarterly instalment basis so as to liquidate the facility within the maximum period of 10 years.
      (The Loan/Overdraft limit will be repayable upto maximum age of 75 years of Guarantor).
  • Apply Now
 
 
# # #