Corporation Bank Home Loan

Apply for a housing loan from Corporation Bank and opt between various types of home loans to suit your requirement. Avail up to Rs.5 crore as home loan from Corp Bank for the purpose of construction of a new house or purchase a new or existing house/flat.

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Corporation Bank Home Loan Schemes

The Corporation Bank offers several types of home loans customised to suit different needs. Here are the various types of home loan schemes offered by the bank:

1. Corporation Bank Corp Home Loan
   • Interest Rate: 8.10% p.a. to 8.35% p.a.
   • Processing Fee: 0.50% of the loan amount
   • A second loan for enhancement available based on the merits of the case.
   • Balance transfer facility available.
   • Flexi-repayment option available for salaries class.
   • Purchase of plot and construction thereon available.
   • Loan tenure of up to 30 years including moratorium period of a maximum of 18 months.
   • Resident individual either as an individual or jointly/NRI/PIO aged between 18 and 65 years, with regular and independent income are eligible to avail the home loan.
2. Corporation Bank Corp Ghar Shobha Home Loan
   • Interest Rate: 8.90% p.a.
   • Processing Fee: 0.50% of the loan amount (Maximum of Rs.1,000)
   • Loan for repair/improvement/renovation/furnishing of house/flat.
   • Balance transfer of home loans from other banks or financial institutions originally sanctioned for repair/improvement/renovation/furnishing of house/flat.
   • Loan amount of up to Rs.20 lakh.
   • Margin at 25% of the project cost and value of the property.
   • No prepayment charges.
   • Loan tenure of up to 15 years including initial repayment holiday of 6 months.
3. Corporation Bank Corp Ghar Sansar Home Loan
   • Interest Rate: 8.90% p.a.
   • Processing Fee: 1% of the loan amount (Maximum of Rs.10,000)
   • Existing home loan customers who have availed housing loans through Corp Home Scheme, Corp Home – Premium NRI and Corp Ghar Shobha Schemes and having regular income and enough repayment capacity can avail this loan.
   • For a personal or domestic purpose.
   • Eligible only after completion of 12 months from the date of commencement of repayment, provided repayments have been regular.
   • Applicants who have closed an existing housing loan from Corporation Bank are eligible to avail this loan.
   • Loan amount of a minimum of Rs.1 lakh and a maximum of Rs.10 lakh.
   • Nil prepayment charges.
   • Loan tenure of up to 7 years.
4. Corporation Bank Corp Site Home Loan (For Allotment Money)
   • Interest Rate: Contact the bank
   • Processing Fee: 0.50% of the loan amount (Maximum of Rs.1,000)
   • For the purpose of financing of land allotted by the local development authority or housing board as residential plot/site.
   • The loan can be availed by salaried persons confirmed in service and self-employed persons who are IT assessed and having a minimum of 2 years relationship with the bank.
   • The applicant should construct the house in the allotted plot within a maximum of 5 years.
   • Loan amount of up to 75% of the total amount payable plus registration fee or Rs.25 lakh which is lower.
   • Nil prepayment charges.
   • Loan tenure of up to 60 months.
5. Corporation Bank Pradhan Mantri Awas Yojana (PMAY) Home Loan
   • Interest Rate: Contact the bank
   • Processing Fee: Up to Rs.2 crore: Nil And Above Rs.2 crore: 0.50% of the loan amount (Maximum of Rs.50,000)
   • Beneficiary/individuals from Economically Weaker Section (EWS) and Low-Income Group (LIG) category/families can apply for this home loan.
   • The carpet area of the flat/house being constructed or purchased should be up to 30 sq. meter for EWS and LIG to avail the Credit Linked Subsidy Scheme (CLSS).
   • You can build a house of a larger area; however, the interest subvention would be restricted to first Rs.6 lakh only.
   • For repair or extension, the area is limited to 30 sq. meter and 60 sq. meter of built-up area for EWS and LIG, respectively.
   • Loan amount:
     • Maximum for EWS: Rs.20 lakh.
     • Maximum for LIG: Rs.30 lakh
   • Nil prepayment charges.
   • Loan tenure of up to 30 years.
6. Corporation Bank Corp Home Premium NRI Home Loan
   • Interest Rate: Contact the bank
   • Processing Fee: 0.50% of the loan amount
   • Non-resident Indian (NRIs) or Persons of Indian Origins (PIOs) between the age of 18 and 60 years can avail this loan.
   • Loan for the purpose of purchase of a ready built house/flat or for construction of the same.
   • Loan for the purchase of land and construction thereof.
   • Balance transfer facility available.
   • Loan amount of a minimum of Rs.5 lakh and a maximum of up to Rs.5 crore.
   • Nil prepayment charges.
   • Loan tenure of up to 30 years.

Corporation Bank Home Loan EMI Calculator

Compute the Equated Monthly Instalment (EMI) payable towards your home loan using the Corporation Home Loan EMI calculator. The EMI per lakh is Rs.794.

Enter all the required fields with relevant information such as interest rate, loan amount, tenure and the processing fee on the Home Loan EMI Calculator and select ‘Calculate’. You’ll be able to view the breakup of the total amount payable to the bank and the total interest due along with EMI payable during the loan tenure.

Corporation Bank Home Loan Eligibility Criteria

For salaried and for self-employed eligibility criteria are same. Which is listed below:

• Resident of India
• NRI/PIO
• Aged between 18 and 65 years.
• If a property is mortgaged, all joint owners will be co-applicants.

Documents Required for All Home Loan Applications Under Corporation Bank

Below are the documents required to apply for a home loan with Corporation Bank:

• Housing loan application.
• Proof of identity (Voter ID/Passport/Driving License).
• Proof of address (utility bills/Passport)
• Last six months bank statement.
• IT Returns for the last 2 years.
• Proof of address for self-employed individuals.
• Balance sheet and profit and loss statement for self-employed individuals.
• IT returns for three years for self-employed individuals.

Corporation Bank Home Loan FAQs

1. What is the processing fee charged by Corporation Bank for home loans?

   Currently, the bank charges 0.50% of the loan amount subject to a maximum of Rs.50,000. However, the bank has waived the charges for employees of Central/State Government and Defense Personnel for a loan amount of up to Rs.2 crore.

2. Can I apply for a Corporation Bank housing loan with the benefit of PMAY?

   Yes. Corporation Bank offers housing loans based on the Pradhan Mantri Awas Yojana (PMAY) scheme for the Economically Weaker Section (EWS) and Low-Income Group (LIG).

3. Is it mandatory to avail property insurance while availing a housing loan through Corporation Bank?

   Yes. It’s mandatory for the applicant of the housing loan to take an insurance on the property for which the loan has been extended and the premium has to be borne by the borrower.

4. Can I avail a loan towards the purchase of a site?

   Yes. Corporation Bank offers the Corp Site scheme for site or plot offered by the local Development Authority.

5. What’s the maximum loan tenure offered by Corporation Bank?

   The maximum loan tenure is 30 years.

6. What’s the maximum loan amount offered by the bank towards home loans?

   The maximum amount for a housing loan is Rs.5 crore.

7. Can I avail a Balance Transfer facility of my existing home loan with the Corporation Bank?

   Yes. The bank offers to take over your existing home loan from other banks or financial institutions under the Balance Transfer facility.

8. Are there any prepayment charges levied by Corporation Bank for a home loan?

   Currently, the bank does not charge any prepayment fee towards your housing loan.