Corporation Bank Home Loan EMI Calculator

Corporation Bank does not have a traditional EMI Calculator on its website. However, it offers the facility of an EMI chart where customers can enter the respective information in the MS Excel Sheet and get their EMI. This chart is better than the traditional EMI Calculators as it provides various other benefits.

Before we dwell into the benefits of the Corporation Bank Home Loan EMI Calculation chart, let us understand the EMI mechanism.

The Home Loan EMI calculation depends on the three variables:

• The Home Loan amount approved by the bank
• The applicable rate of interest
• The loan repayment tenure

Corporation Bank Home Loan EMI Calculation Chart is simple to use in many ways. It requires the customer to enter the following data:

• The loan amount sanctioned by Corporation Bank
• The rate of interest per annum
• The loan repayment period in months
• The moratorium period if any
• Date of disbursement of the Corporation Bank Home Loan

On entering this information, you get the following results:

• The EMI payable by you over the full tenure of the loan
• The total interest payable by you
• The breakup of the EMI into interest and principal repayment components every month (also known as the amortisation chart)

Additional Info: Also check Rs. 1 Crore Home Loan EMI

• It is one of the best tools to get your Home Loan EMI
• Knowing your EMI in advance is beneficial, as it helps plan your finances better
• This EMI calculation chart provides details of the total interest payable on the loan over the complete tenure of the loan.
• The calculator offers the facility of an amortisation chart with details of each EMI and its breakup.
• The EMI Calculator offers the benefit of the moratorium period. Most of the EMI Calculators do not provide this facility.

Additional Info: Also check 75 Lakh Home Loan EMI

Corporation Bank offers both fixed and floating rates of interest on Home Loans. The rate of interest is linked to the bank's MCLR. The effective rate of interest with effect from June 15, 2023, is in the range of 8.70% to 10.50%. 

Corporation Bank Home Loan EMI Chart

The Corporation Bank Home Loan EMI Calculator is a comprehensive tool. However, there are alternate methods to calculate your EMI. MyMoneyMantra.com has one such EMI Calculator on its website. This calculator works on a similar principle. Besides calculating the EMI, the calculator provides details about the total interest and amount repayable by the borrower over the entire loan tenure.

ROI fluctuation

Corporation Bank offers Home Loans on a floating rate of interest. The rate of interest on Home Loans links to the MCLR of the bank. The bank announces its MCLR every month but resets the MCLR on the Home Loans at six-month intervals. Therefore, every six months, the rate of interest changes. Whenever there is a change in the effective interest rate, there should be a change in the EMI, as well.

Moratorium interest

Loans involving moratorium are different from the Home Loans where the EMI starts immediately after disbursement. The regular EMI in the moratorium-backed Home Loans does not commence until the final payment. It could extend up to 18 months. Corporation Bank capitalises the interest and adds it to the principal loan amount. Thus, the EMI increases considerably.

PMAY Subsidy

Corporation Bank is a significant lender in PMAY. The EMI calculation in the case of PMAY accounts is different from the regular Home Loan accounts. It is because of the element of upfront interest subsidy. Every PMAY account comes with an interest subsidy. The Government grant is credited upfront to the loan account, thereby reducing the principal loan amount. Thus, it affects the EMI.

Prepayment

Corporation Bank does not charge any penal interest on prepayment of Home Loans. Usually, borrowers do not request the bank to reduce their EMI after making the prepayment. However, they can do so to get the benefit of a reduced EMI for the residual portion of the contracted loan tenure.

Additional Info: ICICI Bank Home Loan Customer Care Number