oriental mortgage loan scheme

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  • oriental mortgage loan scheme
  • Eligibility
    Purpose To offer term loan/ overdraft facility for specified purpose against the security of immovable property (i.e. for investment in business, personal expenses etc.).

    The loan can be used to meet any legitimate need based Investments / expenses except speculative & prohibited purposes as restricted by Law.
    • All Individuals & Joint borrowers (including Doctors / Professionals & Self Employed) who are income tax assesse for at least 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.
    • 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.
    Loan Limit The Limit shall be as per MPBF Calculations subject to maximum upto ₹ 10.00 Crore.
    Minimum Loan Limit:
    Minimum loan to be considered under the scheme is of ₹ 5.00 lacs.
  • Finance
    Assessment of Loan Limit
    • 60% of the realizable value of the property (overall maximum limit).
    • 36 months of gross income in case of salaried persons.
    • 4 times of average net annual income of last 2-3 years in case of persons other than salaried ones.

    1. The above eligibility shall be subject to maximum to repaying capacity of respective borrower.
    2. 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 scheme.
    Monthly Income Net Take Home
    Upto ₹ 50000/- 40%
    More than ₹ 50000/- 30%
    Type of facility & Period of Loan

    Term Loan: Maximum upto 120 months repayable on EMI basis

    Overdraft limit: 120 months subject to annual review with progressively reducing limit on monthly instalment basis so as to liquidate the facility within the maximum period  

    Other Conditions
    • The applicants need to submit Form 16 / Income Tax returns for the past 2 years for accessing repaying capacity.
    • The KYC norms shall be complied as per norms.
    • The loan under the scheme shall be granted against self occupied property by its owner (let out property shall not be accepted as security).
  • Security and Margin: 

    Mortgage (Registered or Equitable) of self-occupied Residential / Commercial / Industrial Land & Building standing in the name of individual / joint owners / close relatives who will also stand as Guarantors (viz. spouse, parent, brother, sister, son, daughter) /  company / firm.

    The Loan against agricultural land / plot of land shall not be granted. However, in case of non agriculture plot is well bounded and minimum construction has been done as per the requirement of local bodies/development authorities, it can be considered as security under OMLS.

    Margin 40%
  • Rate of Interest and Repayment
    Rate of interest (floating)

    Term Loan : RBLR+2.35%

    Overdraft: RBLR+2.85%

    Unified Service Charges(Excl GST)
    • Per Property (Term loan/OD Facility)0.50% of Loan Amount -Minimum:₹ 10000/-Maximum:₹ 50000/-.
    • Review charges both on Term Loan and OD facility Standard account:Rs.1000/-plus GST. Irregular(EAS/SMA):Rs. 2500/-plus GST
    Documentation charges NIL
    Repayment Age The facility shall be considered in the shape of Term Loan or Overdraft Limit subject to last repayment age of the borrower mentioned below:
    • For Salaried (Non Pensionable): Upto the age of superannuation
    • For Salaried (With Pension) and other individuals: Up to 75 years
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