A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Corporation Bank Home Loan is Rated as "Great!" by 55 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 55 users

    Corporation Bank Home Loan

    Corporation Bank is a public sector banking company headquartered in Mangalore, India. At Corporation Bank, what motivates them is the passion to excel in banking by maintaining highest standards of service to their customers, backed by innovative products and services which makes them one of the leading Public Sector Banks in the country, catering to a wide range of customers - from individuals to corporate clients.Resident individual either singly or jointly /NRI/PIO , between 18 to 65 years, with independent and regular source of income. In case of property jointly owned with close relatives , all joint owners shall join as co applicants irrespective of their age. Including spouse, maximum of two close relatives [ Father, Mother, Spouse, Daughter, Son] may join as co applicant to supplement repayment capacity.In case of salaried person, applicant/s shall be confirmed in the present service & shall have two years of aggregate service in previous and present employment together.Continue reading to view more details about this loan.


     

    You’re probably eligible for an Corporation Bank Home Loan if you are

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    Corporation Bank Home Loan Minimum Age

    At least 18 years old

    Corporation Bank Home Loan Maximum Age

    Less than 65 years old

    Corporation Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Corporation Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Corporation Bank Home Loan amount eligibility is based on these factors

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    Corporation Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Corporation Bank Home Loan Maximum Loan to property value

    Loan capped @ 75% to 90 % of property value

    Corporation Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Corporation Bank Home Loan amount by these steps

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    Corporation Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Corporation Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Corporation Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Corporation Bank Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Corporation Bank Home Loan Interest RatesUpdated on 13 Dec 2017

    Corporation Bank Home Loan Details
    Interest Rate 8.75
    Loan Tenure 30 years
    Processing Fees Nil
    Guarantor Required No Guarantor Required
    Pre-closure Charges Nil

     

    Corporation Bank Home Loan

    Owning a home or a piece of land is something we all dream and work hard towards. In times where real estate price is always heading north, relying upon one of the most trusted ways of funding such as home loan is a wise move to make. A home loan offers funding for a variety of housing needs where a large portion of the monetary requirement is fulfilled by the bank/institution. You can repay the loan in monthly installments over a term chosen by you.

    With a footprint across India, Corporation bank needs no introduction. This state owned bank offers a plethora of retail loans which includes housing loans at affordable rates and pleasing benefits. The bank offers loans for the following housing requirements for resident Indians as well as NRIs.

    • For purchasing a house or a flat (under construction flat also funded).
    • Construction of a house or a flat
    • For purchasing a plot and construction of house
    • Taking over existing loan (balance transfer) from other banks or institutions
    • Renovation/repair/extension of an existing house
    • Purchase and installation of Solar PVs (rooftop)

    Perfect Home Loan Deals for you

    Feature & Benefits of Corporation Bank Home Loan

    High Quantum of Loan:

    With a loan from Corporation bank, you can look forward to getting maximum funding. The maximum loan amount is determined on the basis of the location of the property. The points below provide details of the maximum loan amount offered in various centers.

    1. Metro centers: The maximum loan quantum offered is Rs.5 crores. For site loans, Rs.1 crore is the upper limit.
    2. Port town and urban centers: The maximum loan quantum offered is Rs.1 crore. For site loans, Rs.50 lakhs is the upper limit.
    3. Semi urban centers: Rs.50 lakhs is the upper limit for regular housing loan and Rs.25 lakhs is the cap for site loans.
    4. Rural centers: Rs.25 lakhs is the upper limit for regular housing loan and Rs.10 lakhs is the cap for site loans.

    Low margin for borrowers:

    The most common concern of home loan borrowers is their share in the project costs since banks do not fund 100%. With Corp bank, the margin is minimal. For loan amount of up to Rs.30 lakhs, the margin is 10%, from Rs.30 to 75 lakhs, its 20% and for loans above Rs.75 lakhs, it's capped at 25%.

    Security requirement:

    The first level of collateral comes in the form of mortgage where the property purchased is pledged to the bank until full repayment of the loan. The age of the property in question should not exceed 30 years. If a third-party guarantee is not available, the spouse of the applicant should sign in as co-applicant. If the primary applicant is unmarried, immediate relatives such as parents and siblings can sign up as a guarantor.

    No prepayment charges:

    At any time during the repayment term, you can consider paying off the loan without incurring penalty since Corporation bank does not charge a fee for early repayment of the loan. Another area where you can save money compared to loan offers from other banks.

    Repayment period:

    The bank offers up to 30 years to repay the loan amount along with applicable interest charges in EMIs. The borrower is free to choose a term as per their convenience. The term offered also includes a moratorium period of up to 18 months. The repayment tenure chosen should not exceed the retirement age for for salaried borrowers and 70 years for others.

    Loan disbursement:

    Once approved, the loan will be remitted directly to the builder or seller by the bank. The remittance will also include the margin. For construction loans, the loan will be released during various phases of construction as and when there is a requirement.

    Corporation Bank Home Loan Interest Rate:

    The rate of interest charged by Corporation bank on home loans is determined on factors such as loan amount, type of interest calculation (fixed or floating) and the benchmark rates. As mandated by the RBI, it follows the MCLR (Marginal Cost Based Lending Rate) system for arriving at the base rate. The MCLR as on October 1, 2016 is as follows:

    Loan Tenor MCLR
    Overnight 8.9%
    1 month 9.05%
    3 months 9.3%
    6 months 9.4%
    1 year 9.5%

    The table below will offer further insights into the interest rates offered.

    Floating rate system:

    Loan amount Interest rate
    Up to Rs.2 crores 9.60% (MCLR + 0.1%)
    Above Rs.2 crores 9.85% (MCLR + 0.35%)

    Fixed rate system:

    Loan amount Interest rate
    Up to Rs.25 lakh 12.60% (MCLR + 3.1%)
    Above Rs.25 lakh 13.10% (MCLR + 3.6%)

    The Rates For Related Loans Are:

    Corp Ghar Shobha (repairs and renovation): 10.00% (MCLR + 0.5%)

    Corp Ghar Sansar (top-up on existing loan): 10.00% (MCLR + 0.5%)

    Corp Surya Rashmi (for solar PV sets): 9.60% (MCLR + 0.1%)

    These rates are subject to periodic revision. Make sure to check with the nearest branch of Corporation bank for latest rates.

    Eligibility Criteria for Corporation Bank Home Loans:

    • Resident individuals between the age group of 18-65 years with an established source of income. NRI (Non Resident Indian) and PIO (Person of Indian Origin) are also eligible to apply.
    • Primary applicant should be accompanied by spouse or immediate relative as a co-applicant to add weightage to the repayment capacity of the former.
    • If the property is jointly owned by relatives, all the co-owners should sign up as co-applicants, regardless of their age.

    Corporation Bank Home Loan FAQ

    1. My home loan application from Corp bank has been approved. Is property insurance mandatory?

      Yes, insuring the property is mandatory as per the contract. The premium of such an insurance policy must be borne by the borrower. Depending on the location of the property and availability, you may be offered an insurance by the bank through third party insurers.

    2. Is this an all-inclusive home loan? Are additional costs such as registration and other charges covered in the loan?

      If the price of the house/flat/plot is more than Rs.10 lacs, only the purchase price is covered under the loan. Otherwise, registration charges, documentation charges & stamp duty will be a part of the loan amount.

    3. Is there a flexible EMI feature available with Corp bank home loans?

      The bank does offer flexibility in repayment such as progressive and step up. This facility is only available to the salaried class of borrowers.

    News about Corporation Bank Home Loan

    • Corporation Bank fixes MCLR for all New Advances with effect from 1st October 2016

      by BankBazaar posted on 30th September 2016

      Corporation bank has set its Marginal Cost of Funds base lending rate at 9.05% to 9.5%. The rate will take effect from 1st October 2016 for all new rupee loans and advances. The rate stands at 9.05% for overnight, 9.3% for 3 months, 9.4% for 6 months and 9.5% for one year duration. The announcement was made by the bank after closing hours of the market on September 29th 2016 and since then, its shares on BSE rose by 2.17% and was trading at Rs 42.45.

      BankBazaar News About Loan

    Corporation Bank Home Loan Reviews

    • Corporation Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Corporation bank doesn't have any kind of online facilities, they have the old versions, still they haven't upgraded their version, It would be great if they can update their net banking facility . I got the home loan with Corporation bank, Within a month I got the home loan from Corporation bank.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 10, 2017
    • Corporation Bank Home Loan
      "Very fast"
      0.5 4.0/5 "Great!"
      Co oporation bank housing loan is very fast, they took around 2weeks for disbursement and the funds were released to my account say in 2 weeks.It is a single account .I am getting notification from them on time.There is a fluctuation in the rate very often, however sad to say that I am not getting notification about the rate fluctation from them.
      Was this review helpful? 0
      , thane
      Reviewed on Oct 24, 2017
    • Corporation Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with CORPORATION bank 3 years back. The loan amount was 15lakhs and the EMI amount was 15,000 . The rate of interest was 10.25% which was high at that time but now they have reduced it.They provided door step service for documentation collection and sanctioned the loan with the committed time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 28, 2017
    • Corporation Bank Home Loan
      "Not a good one"
      0.5 2.0/5 "Expected more"
      CORPORATION Bank though it is a Nationalized bank the charges are very high. Also they are not transparent, lot of hidden charges are there for example processing fees and many other charges were levied post the loan was disbursed and I got to know about these charges at a later stage. Another constraint is,they dont intimate us, when there is a fall in the rates. It is not a joint loan, finally I had transferred my home loan from this bank to HDFC LTD.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
    • Corporation Bank Home Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      Corporation bank is not even worth for single rating. The bank does not have customer support at all,They are not supportive to their customers also not giving proper response to the customer as well. this bank is one you could better keep away , they are showing signs of mistrust. I had taken a home loan in 2006 end at a FIXED rate of interest 9.75% with in thee months it has jumped to 10.25% without any information anything then contacted bank manager he said it will be revised. I have closed this account in 2013 by pre closing and I have paid extra 50k for it.
      Was this review helpful? 1
      , surat
      Reviewed on Jun 19, 2017
    • Corporation Bank Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken housing loan from Corporation bank. The loan amount was 4.75 lakhs. Interest rate was 11.9%. But then I am not happy with corporation bank because their rules are regulations are heavy. They have to improve their customer service.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 03, 2017
    • Corporation Bank Home Loan
      "Customer's Friendly Bank"
      0.5 4.0/5 "Great!"
      Corporation Bank home loan interest rate was nominal, but they offered fixed interest rate of 9.5%. I have requested them to give floating interest. I had taken the loan amount of Rs.5 Lakhs for a tenure of ten years, I had already completed 5 years and I am left with 5 years.
      Was this review helpful? 0
      , pollachi
      Reviewed on May 04, 2017
    • Corporation Bank Home Loan
      "Need improvement on customer service"
      0.5 3.0/5 "Satisfactory"
      I have closed my home loan with the Corporation Bank and I have went ahead with them because of their interest rate , which is lesser one at that time. The loan amount was disbursed to my account within fifteen to twenty days of time and the response was fine, also there was no hassle with them.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 26, 2017
    • Corporation Bank Home Loan
      "Improvement needed in all Aspects"
      0.5 2.0/5 "Expected more"
      I had taken home loan on 2014 Corporation Bank done very neat process on the initial stage but later when I approached them to get revised interest rate, their response is not upto the mark and their response time is very late to the customer's queries.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 04, 2017
    • Corporation Bank Home Loan
      "Customer friendly "
      0.5 4.0/5 "Great!"
      Quite some back I was holding a housing loan with Corporation bank. I had closed it now, everything was done approriately. I had got the title deeds and all my legal document from them on time. The only area of improvement, would be the interest rate as it was a bit high it would be great if they work on the interest rate and they had offered a high rate and it was a floating rate too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 09, 2016
    • Corporation Bank Home Loan
      "The bank you can depend upon.."
      0.5 5.0/5 "Blown Away!"
      Corporation bank is a good bank and this is a bank one could depend upon. I availed a home loan from this bank. Interest rate offered to me was according to the market rate. Whereas they asked for more documents unlike the private banks. It was within a week duration my loan got credited to my account.
      Was this review helpful? 1
      , noida
      Reviewed on May 04, 2016
    • Corporation Bank Home Loan
      "My experience"
      0.5 5.0/5 "Blown Away!"
      Rate of interest offered by Co operation bank for the housing loan is 10.25%. They have not revised the interest rate as per RBI guidelines. I wonder why they are not in line with RBI instructions. I am holding this housing loan for the past 4 years. Installments are much affordable. They were able to process the loan within the stipulated time and the funds were realized on time.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 19, 2016
    • Corporation Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      Within fifteen days my home loan was disbursed by the corporation bank . The property verification was smooth .Interest rate and processing fee charged were the best. . Paper works were fine. Response and service provided was great
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 09, 2016
    • Corporation Bank Home Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      My home loan is from Corporation bank. The services are good form them. The process was very easy. I got my loan on time. They also offered a good rate of interest and also a good processing charges. It was a very satisfactory experience.
      Was this review helpful? 1
      , kochi
      Reviewed on Feb 04, 2016
    • Corporation Bank Home Loan
      "Manager educated me about the loan.."
      0.5 4.0/5 "Great!"
      Bank is good and at that time I did not have any option with other bank sand took it with Corporation bank. First year the rate was too good. The manger called me and explained me about the home loan rate split ups. Then I came to know the real fact.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 07, 2016
    • Corporation Bank Home Loan
      "satisfied..."
      0.5 4.0/5 "Great!"
      This home loan is transferred from one person to me as no much interaction with Corporation bank. However the manager use to call me for any kind of problem and he took initiative. During the process they assisted well. Rate is 9.25% for home loan and this is floating.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 28, 2015
    • Corporation Bank Home Loan
      "No service "
      0.5 3.0/5 "Satisfactory"
      The service provided by the corporation bank was very good based on the home loan.They are quite slow in processing the loan to the customer.They are not providing any intimation or alerts about the loan process which is a drawback of corporation banks
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 21, 2015
    • Corporation Bank Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Corporation bank housing loan is good, I am very much happy with them . They were very fast and they helped in processing the request. I am getting a waiver on the processing fee and that the most promising feature of this particular loan. Overall the customer satisfaction was there. They were doing it very fast. I am holding this loan for a few days only. Frankly speaking I did not expect this sort of service from this bank.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 11, 2015
    • Corporation Bank Home Loan
      "Good response from the staffs "
      0.5 5.0/5 "Blown Away!"
      The manger and staffs of the corporation bank are good in responsive . Within 2 weeks the home loan was disbursed . Interest rate was 9.65%. They require the simple and legal document only . There is no need of any security. The only condition to take the loan is that we have to open the account with their bank.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 28, 2015
    • Corporation Bank Home Loan
      "Less rate.."
      0.5 5.0/5 "Blown Away!"
      Corporation bank is a government banks so satisfied with the rate as that is very less for the home loan. Normally we can trust on nationalized banks as they will not cheat. I am getting good response but personally have to visit. Interest is floating and that is good for me.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 12, 2015
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