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    Corporation Bank NRI Home loan

    Headquartered in Mangalore, the Corporation Bank was founded back in 1906 in Udupi. This public sector bank has 2200 branches, 3,000 branchless banking units and over 1800 ATMs around the country. Corporation Bank offers a wide variety of financial products including Savings, Credit Cards, Investment vehicles and Loans among many others.

    Home Loans from Corporation Bank:

    Corp Home Premium is the special home loan scheme of Corporation Bank that is designed for customers who are NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin).

    Applicants who are NRI/PIO can avail the loan for the following purposes:

    • For purchasing house/flat that is already built and ready
    • For building a house in land that is already owned by the borrower.
    • For purchasing land and constructing house on it the said land.
    • For taking over housing loans from other institutions/banks

    Corporation Bank Home Loan Eligibility for NRIs:

    • Persons of Indian Origin (PIOs) who hold foreign passport or Non-Resident Indians (NRIs) who hold Indian passport may apply for the Corp Home Premium. Such persons may apply individually or jointly with a spouse/close relative who is PIO, NRI or a resident of India. Such a person should have a regular source of income and must be residing outside India for a at least one year.
    • The applicant must be aged between 18 years and 60 years. The period of repayment should not exceed the retirement age if the borrower is working in a salaried job. If the borrower is working in a job that is not in the salaried class, by the end of the repayment period, he/she must not be over 70 years of age.
    • The NRI applicant’s and co applicant's gross incomes together should be more than Rs.10 lakhs.
    • It is mandatory for the spouse of the borrower to be a Co –applicant. If the borrower’s spouse is also living abroad, it is necessary for any other close relative who is living in India to co apply with the borrower. Alternatively, the guarantee of a suitable third party person who resides in India is acceptable. Other than the spouse of the borrower, one Resident-close relative of the applicant may co apply for supplementing repayment capacity.
    • If the property is owned by the applicant’s spouse/parents and they do not have regular/independent income, they should become co applicant only. The age of these co-applicants will not matter in this case.
    • Applicant /Co applicant should have a minimum of one year aggregate service in the previous and present employment together.

    Corp Home Loan Documentation:

    Income Proof:

    • Last three months’ Salary Slip or Balance Sheet for last 3 years or Income Tax Returns
    • If the salary slip is not available because the salary is credited directly, you will need statement of account as proof of income.
    • If the borrower is exempted from paying income tax for some reason, or if the country that the borrower is in does not levy income tax, aggregate inward remittance can be considered as proof of income.

    Features of Corp Home Premium:

    Loan Amount:

    Loan Amount that a borrower is eligible to apply for can be between Rs.25 lakh and Rs.500 lakh. The following table illustrates this in detail:

    Area Loan for land Loan Amount
    Urban Centres Rs.25 lakh Rs.100 lakh
    Metro & Port Town Centres Rs.100 lakh Rs.500 lakh
    Semi Urban & Rural Centres Rs.10 lakh Rs.25 lakh

    Repayment Period:

    The repayment period for a salaried person should not be more than the date of their retirement. The repayment period for those with jobs other than salaried jobs should not exceed the borrower's age of 70 years.

    If the Housing loan is under Fixed Rate of Interest, the repayment period cannot exceed 15 years.

    Age of the House/Flat

     

    Repayment Period
    Between 20 and 30 years 15 years
    Between 10 and 20 years 20 years
    Upto 10 years 25 years

    Security:

    • Co-obligation of parents/ spouse/ other close relative
    • Equitable Mortgage of flat/house that has been financed

    Mode of Repayment:

    • Repayment out of funds from FCNR/ NRE/ NRO accounts
    • Remittance from outside India through any of the standard banking channels
    • Remittance from local funds by close relatives or co applicants

    FAQs About Corporation Bank NRI Home loans:

    1. Will the loan take care of insurance premium on the property?

      Insurance premium and insurance of the mortgaged property will be borne by the borrower.

    2. What all comes under the project cost?

      Only the purchase price comes under the project cost. stamp duty, VAT, Service Tax registration charges and documentation charges is not included in this amount.

    3. For what purposes can this loan be availed?

      Applicants who are NRI/PIO can avail the loan for the following purposes:

      • For purchasing house/flat that is already built and ready
      • For building a house in land that is already owned by the borrower.
      • For purchasing land and constructing house on it the said land.
      • For taking over housing loans from other institutions/banks
    4. What are the eligibility criteria for the loan?
      • Persons of Indian Origin (PIOs) who hold foreign passport or Non-Resident Indians (NRIs) who hold Indian passport may apply for the Corp Home Premium. Such persons may apply individually or jointly with a spouse/close relative who is PIO, NRI or a resident of India. Such a person should have a regular source of income and must be residing outside India for a at least one year.
      • The applicant must be aged between 18 years and 60 years. The period of repayment should not exceed the retirement age if the borrower is working in a salaried job. If the borrower is working in a job that is not in the salaried class, by the end of the repayment period, he/she must not be over 70 years of age.
      • The NRI applicant’s and co applicant's gross incomes together should be more than Rs.10 lakhs.
      • It is mandatory for the spouse of the borrower to be a Co –applicant. If the borrower’s spouse is also living abroad, it is necessary for any other close relative who is living in India to co apply with the borrower. Alternatively, the guarantee of a suitable third party person who resides in India is acceptable. Other than the spouse of the borrower, one Resident-close relative of the applicant may co apply for supplementing repayment capacity.
      • If the property is owned by the applicant’s spouse/parents and they do not have regular/independent income, they should become co applicant only. The age of these co-applicants will not matter in this case.
      • Applicant /Co applicant should have a minimum of one year aggregate service in the previous and present employment together.
    5. What is the loan amount that can be borrowed?

      Loan Amount:

      Loan Amount that a borrower is eligible to apply for can be between Rs.25 lakh and Rs.500 lakh. The following table illustrates this in detail:

      Area Loan for land Loan Amount
      Urban Centres Rs.25 lakh Rs.100 lakh
      Metro & Port Town Centres Rs.100 lakh Rs.500 lakh
      Semi Urban & Rural Centres Rs.10 lakh Rs.25 lakh
    6. Is there prepayment penalty for this loan?

      No. You will not be charged a penalty for pre-payment.

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