A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Corporation Bank NRI Home loan Reviews

    • 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
    • Corporation Bank Home Loan
      "Below Average!!"
      0.5 2.0/5 "Expected more"
      Corporation bank is a typical Government bank, everything goes on it own pace. I have availed my home loan with them, I found their interest rate and charges are less they have given a good deal since my builder had a tie up with this bank. Apart from this there was no transparency, no customer service I had to do manually. They took 2 months for the disbursal. I feel Corporation bank should improve in all the aspects and should be more transparent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 11, 2015
    • Corporation Bank Home Loan
      "Little slow..."
      0.5 4.0/5 "Great!"
      As a government bank the Corporation bank is little back in services. Other than the service they are fine with all the things. They have taken atleast two and half months to clear the home loan as the service was too slow. Rate is quite similar with SBI so no issue in interest.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 02, 2015
    • Corporation Bank Home Loan
      "My papers helped "
      0.5 5.0/5 "Blown Away!"
      CORPORATION bank branch is located near to my property so I have taken this home loan from them. I liked their services very much. I do not find any difficulties with them. Since I am an account holder they assisted me very well. My papers were clear because I am filling ITR regularly. It was helped them to process it quickly.
      Was this review helpful? 2
      , dindigul
      Reviewed on Oct 16, 2015
    • Corporation Bank Home Loan
      "Wonderful and satisfied"
      0.5 5.0/5 "Blown Away!"
      I have the home loan with the corporation bank. Initially it was 10.15% and after that it got reduced. The services are good with them. After I submitted the papers I got the sanction letter after that I got the loan on the registration date with them.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Oct 10, 2015
    • Corporation Bank Home Loan
      "Not that good"
      0.5 3.0/5 "Satisfactory"
      No proper customer service was provided by Corporation bank housing loan. I cannot expect much service from them as it is a Government bank. Rate of interest offered by them was very less the reason why I am taken a housing loan from Corporation bank is because. I am holding an account with them. thereby, I had planned to move from Corporation bank to ICICI Bank
      Was this review helpful? 2
      , tirupur
      Reviewed on Oct 08, 2015
    • Corporation Bank Home Loan
      "Happy Loans!"
      0.5 4.0/5 "Great!"
      My opinion about Corporation bank Home loan is, the processing time was quick and I got the loan amount disbursed within 5 days. Documentation was done by reaching the branch and there is no processing fees for the loan process. The interest rate is fixed for first 3 years and floating for the remaining years. EMI is getting debited through net banking facility of other bank account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 16, 2015
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    Corporation Bank NRI Home loan is Rated as "Great!" by 49 Users

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    Promised Interest Rate

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    Home Loan BYTES FROM OUR KITCHEN

    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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