Established in Lahore on 19th February 1943, Oriental Bank of Commerce made a modest beginning under its Founding Father, Late Rai Bahadur Lala Sohan Lal, the first Chairman of the Bank. Within four years of coming into existence, the Bank had to face the holocaust of partition. Branches in the newly formed Pakistan had to be closed down and the Registered Office had to be shifted from Lahore to Amritsar. Late lala Karam Chand Thapar, the then Chairman of the Bank, in a unique gesture honoured the commitments made to the depositors from Pakistan and paid every rupee to its departing customers. The foundation of customer service thus laid has ever since remained Oriental Bank's prime philosophy and has been nurtured well as a legacy by all its successors, year after year.

Home Loan Purpose:
For Construction/ purchase of Residential House/ Flat.

Eligibility:
Individuals having an assured source of Income viz. Salaried Employees, self employed professionals, businessman, farmers, HUF etc.

Amount of Loan:
For Businessmen:
40 times Gross Monthly Income with a condition that the net take home after all deductions comes not less than 30%

For Salaried Persons:
60 times Gross Monthly Income with a condition that the net take home after all deductions comes not less than 30%.

Margin:

• Loan Amount Upto Rs.5.0 lacs - 10%
• Loan above Rs.5.0 lacs & upto Rs.20.00 lacs - 15%
  (revised margin shall be applicable in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)
• Loan Amount Above Rs.20 Lacs - 25%
• In case of Home Loans upto Rs.20.00 lacs sanctioned on or after 19.12.08, the Bank wil provide free life insurance cover for the entire amount of oustanding loan upto Rs.20.00 lac to the borrower. (this facility shall be alllowed in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)

Amount of Loan

Loans upto Rs. 5.00 lac 8.50% p.a. (fixed)

Rate of Interest

Loans above Rs.5.00 lac and upto Rs.20.00 lac 9.25% p.a. (fixed)

Process Fee:

Nil for fresh loans upto Rs.20.00 lacs
(revised concession shall be applicable in home loans sanctioned w.e.f. 19.12.08 to 30.06.09)
For Loans above Rs.20.00 lacs 0.50% of the loan amount with maximum ceiling of 12,500/-.

Repayment:

Maximum within 20 years or till the borrower attains 70 years of age or repayment shall not extend beyond the age of retirement, whichever is later.

Repairs / Renovation/ Furnishing (For General Public)

Purpose:
For Repairs / Renovation/ Furnishing of house.

Eligibility:
Individuals having an assured source of income viz. salaried employees, self employed professionals, businessman, farmers, HUF etc.

Amount of Loan:
Max. Rs.10.00 lacs or 30% value of House/ Flat whichever is lower.

Security:
Mortgage of property.

Margin: 15%

* Interest: w.e.f. 07.11.2008 for new customers

Loan Amount Upto Rs. 10 Lacs:

• Floating: Repayment Upto 10 years, RATE - PLR-3.25% i.e. 10.0%
• Fixed:Repayment Upto 10 years, RATE - 11.00

Fixed rates shall be re-set by the Bank after every 2 years at its sole discretion.

Since the floating rates are linked to PLR, the rates shall be re-set as and when there is any change in PLR.

Repayment:
Maximum within 10 years.
*PLR of our bank w.e.f. 07.11.2008 is 13.25% per annum .