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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.

    Corporation Bank NRI Home loan Reviews

    • Corporation Bank Home Loan
      "No hidden charges"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan in 2006. I have chosen the tenure period of the15 years and i have closed the loan in 3 years without any pre-closure charges. They have offered me a interest rate of 7.5% which is a floating interest rate and there was no processing fee.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 04, 2019
    • Corporation Bank Home Loan
      "Customer friendly bank"
      0.5 5.0/5 "Blown Away!"
      I have purchased a home loan from Corporation Bank in 2004. I have applied the loan amount of Rs. 10 lakhs and i have received the same amount. The services with the corporation bank is really fine. Within 5 years, i have completed the loan. I have received the loan on time. There is no charges for pre-closure
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 04, 2019
    • Corporation Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The experience with this loan has been quite good and process has been smooth and easy. The dealer who had arranged for the property has arranged me with this loan and it went smooth. The interest rate has been nominal when compared with the market rate and there has not been any sort of extra charges made by them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 20, 2018
    • Corporation Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am running a home loan with Corporation Bank and it was taken before 8years. They have offered me very less interest rate. I have purchased a residential property. The processing fee is nominal. The loan duration is 12 years. I can do pre closure and part payment anytime.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 29, 2018
    • Corporation Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with CORPOTION BANK, the loan amount they have given me was sufficient and the rate of interest they have shared me was nominal they have charged me low as it is nationalized bank, and there processing fee was there or not i have no idea, there overall service was good, there was no hidden charged in this loan.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 28, 2018
    • Corporation Bank Home Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      I took housing loan from corporation bank, I took the loan in 2006 at the time interest was good 8.25%. Now it got increased around 10.25% of interest. My company got tie up with the bank. Hence my personal experience, I don't have any issues with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 10, 2018
    • Corporation Bank Home Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan with CORPORATION BANK . I use to pay EMI 40000 and tenure period is 20years . I am not happy with customer services they need some improvement because i cannot connect them easily . Processing fee will be waive off , rate of interest is 8.6% and it is nominal in the market . There is option of precloure too . My loan amount is up to the mark .
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 16, 2018
    • Corporation Bank Home Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The manager is giving a proper service for the customer in my branch. I have taken the loan amount of 25 lakhs. I have taken the loan in 2010. I have opted the tenure period of 20 years. They have offered me a 8.5% as interest rate. I have received my home loan. I will recommend this bank to everyone for a home loan.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jul 30, 2018
    • Corporation Bank Home Loan
      "Worst bank for all"
      0.5 3.0/5 "Satisfactory"
      Interest rates are more in my Home loan. I have applied the loan amount of Rs. 29.60 lakhs. They are offering a interest rate of 8.85% which is floating interest and i don't remember about the processing fee. I used to pay the EMI of 28000. I have chosen the tenure period of 25 years. Their customer care is not good. The online transfer is not working properly.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 27, 2018
    • Corporation Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with COPORATION BANK 8 years back./The loan amount was 5.40,000 and the give interest rate was best in the market. The customer service and responses was excellent.The documentation was quite smooth and simple. I did not face any inconvenience through out the service . I felt that the process is very transparent and very distinct which was satisfactory .
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 10, 2018
    • Corporation Bank Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with COOPERATIVE BANK 5 years back. The loan amount was 16 lakhs and the interest rate was 9-10% which is very high . The customer service and responses was good. There is no processing fee and they have sanctioned the loan within the committed time. The executives are very helpful so I would like to recommend to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2018
    • Corporation Bank Home Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      Got my housing loan from corporation bank, where they did quick documentation and approval process. There rate of interest is low compared to other bank available in market their customer service and response is good toward queries related to housing loan.
      Was this review helpful? 0
      , kochi
      Reviewed on May 12, 2018
    • Corporation Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with Corporation bank and my loan experience was very good. The loan amount was for Rs 50 lakhs with 8.45% as interest rate which is nominal when compared to other banks. Customer service was good and they responded on time. I have a tenure period of 20 years for this loan.
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 31, 2018
    • Corporation Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the home loan experience with the CORPORATION BANK around 4 years ago. The communication part is excellent with the CORPORATION BANK and they have disbursed the loan amount within a week time. The rate of interest and the charges are average when compared with the other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • 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? 2
      , 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
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