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.
Search for loans >>
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:

o Last 3 years Income Tax Returns with computation of Income

o Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 6. Documentation for self-employed applicants:

o latest income tax returns

o latest comupation of income

Search for Home Loan >>

Corporation Bank Home Loan Interest RatesUpdated on 19 Aug 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

Search for loan >>

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)

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.