CORPORATION BANK Home Loan

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Apply CORPORATION BANK Home Loan

About Corporation Bank

Corporation Bank is one of the leading public sector banks in the country that offers attractive Home Loans for Indian consumers as well as non-resident Indians (NRI) and persons of Indian origin (PIO). The Home Loan by Corporation Bank is particularly designed to give wings to the housing dreams of masses.

Corporation Bank was started in 1906 in Mangalore, Karnataka by Khan Bahadur Haji Abdullah Haji Kasim Saheb Bahadur. Having completed more than 11 successful decades of banking operations, Corporation Bank today is a trusted brand in personal as well as business banking. A Home Loan from a trusted bank can help in accelerating the process of completing your dream residence in the most efficient manner.

A Home Loan by Corp Bank is a key to fulfill your housing dreams. Whether you are a young professional just starting out a career, or a family trying to own an abode in the city of work, or a middle aged couple wishing to invest in a dream home for retirement, Corporation Bank can provide an affordable housing finance solution for a diversified customer base.

Why Corporation Bank Home Loan?

Corporation Bank is committed to making the dream of having your very own residence into a reality through the custom-built Home Loans like Corp Home, Corp Ghar Shobha, and Corp Ghar Sansar. When you borrow through Corporation Bank, you get instant loan approvals and disbursal of the loan amount. Self-employed professionals and salaried individuals are both eligible for Corporation Bank Home Loans.

Features and Benefits of Corporation Bank Home Loan

Here's what makes Corporation Bank Home Loans different:

Purpose: You can choose Corporation Bank if you need an affordable Home Loan for any of the following purposes:
- Construction of house or flat
- Purchase of ready built house, plot, or flat
- The loan also be availed to purchase a flat under construction
- Balance Transfer or Take-Over of Home Loan from other banks
- Purchase or installation of rooftop Solar PV

Who can avail the loan: Indian residents/NRIs/PIOs who are salaried employees or self-employed professionals and non-professionals.

Co-applicant: Spouse and close relative can join as co-applicant to enhance the loan eligibility and repayment capacity.

Maximum loan amount: Loan amount varies as per the location of the property. If the loan is availed for purchase of site and construction of house thereon, the total cost of site/land should not exceed 60% of the project cost.
- For Metro Centres: Up to 5 Crores
- Port Town & Urban Centres: Up to 1 Crore
- Semi Urban Centres: Up to 50 Lakhs
- Rural Centres: Up to 35 Lakhs

Margin:
- For loan up to 30 Lakhs: 10%
- For loan above 30 Lakh and up to 75 Lakhs: 20%
- For loan above 75 Lakhs: 25%

Security: Mortgage of the house/flat to be purchased. Property's age should not be above 30 years and the residual life of the building should be minimum 5 years more than the repayment tenure.

Disbursement: Loan will be remitted with margin amount, directly to the builder or seller. In case of construction, loan's release will be based on the progress of construction.

Repayment tenure:
- The loan must be repaid in maximum 30 years
- Repayment period should not exceed retirement age (for salaried class) and 70 years of age for non-salaried class.
- Repayment period depends upon applicant's age, and type & age of the property
- The repayment tenure includes moratorium of maximum 18 months

Equated Monthly Instalment (EMI): EMI of the existing loan and proposed loan together should not be more than 50% to 70% of borrower's net income.

Corporation Bank Home Loan Interest Rates

The interest rates for Corporation Bank Home Loans are linked to the bank's Marginal Cost of Funds based Lending Rate (MCLR).

Current MCLR (as updated on 15.09.2019):

3 Months MCLR: 8.35%
1 Year MCLR: 8.65%

Current applicable interest rates on Home Loans:

Type of scheme	Loan amount	Interest rate
Corp Home - Floating Rate	For Employees of Central/ State Government and Defence Personnel - Up to 2 Crores	3M MCLR + 0.10 = 8.45%
	Up to 2 Crores	1Y MCLR + 0.10 = 8.75%
	Above 2 Crores	1Y MCLR + 0.35 = 9%
Corp Home - Fixed Rate	Up to 25 Lakhs	1Y MCLR + 3.10 = 11.75%
Corp Home - Fixed Rate	Above 25 Lakhs	1Y MCLR + 3.60 = 12.25%
Pradhan Mantri Awas Yojana CPMAY	Up to 2 Crores	1Y MCLR + 0.10 = 8.75%
Pradhan Mantri Awas Yojana CPMAY	Above 2 Crores	1Y MCLR + 0.35 = 9%
Corp Ghar Shobha	All loan amount	1Y MCLR + 0.50 = 9.15%
Corp Ghar Sansar	All loan amount	1Y MCLR + 0.50 = 9.15%

*Interest rates are linked to the MCLR and subject to annual reset.

Types of Home Loans Offered by Corporation Bank - Features & Eligibility

The Housing Loans offered by Corporation Bank can be broadly classified into the following categories:

Corp Home Loans

Purpose	Construction of house or flat Purchase of ready built house, plot, or flat The loan also be availed to purchase a flat under construction. Balance Transfer or Take-Over of Home Loan from other bank. Purchase or installation of rooftop Solar PV
Loan amount	For Metro Centres: Up to 5 Crores Port Town & Urban Centres: Up to 1 Crore Semi Urban Centres: Up to 50 Lakhs Rural Centres: Up to 35 Lakhs
Repayment tenure	Loan must be repaid in maximum 30 years Repayment period should not exceed retirement age (for salaried class) and 70 years of age for non-salaried class.
Moratorium period	The repayment tenure includes moratorium of maximum 18 months.
Eligibility	Indian residents (singly or jointly)/NRIs/PIOs with a regular source of income. Age: Between 18 to 65 years Co-applicant: One close relative (Spouse/ Father/ Mother/ Daughter/ Son/ Sister/ Brother) can be co-applicant. If the property is jointly owned by close relatives, then all the joint owners should join as co-applicants. Age of the property should not be above 30 years. Residual life of the property should be minimum 5 years more than the repayment tenure. Co-obligation of the applicant's spouse is mandatory, if third party guarantee is not available. If the applicant is unmarried/ widow/ widower/ divorcee, co-application of parent(s)/ Son/ Daughter/ Brother/ Sister/ a suitable third party guarantee will be required. Property to-be-mortgaged should be within 15 kms to 50 kms of the command area of the bank branch (based on centre/city). Insurance of property is mandatory & premium will be borne by the borrowers.

Corp Ghar Shobha - For home repair, renovation, and furnishing

Purpose	Home/flat repair, renovation, extension, improvement, furnishing. For takeover of housing loan from other Banks/Institution.
Loan amount	For Metro Centres: Up to 20 Lakhs Port Town & Urban Centres: Up to 15 Lakhs Semi Urban Centres: Up to 12 Lakhs Rural Centres: Up to 8 Lakhs
Repayment tenure	Loan must be repaid in maximum 10 to 15 years. Repayment period should not exceed retirement age (for salaried class) and 70 years of age for non-salaried class.
Moratorium period	The repayment tenure includes moratorium of maximum 6 months.
Eligibility	Age of the property should not be above 30 years. Residual life of the property should be minimum 5 years more than the repayment tenure. Insurance of property is mandatory & premium will be borne by the borrowers. For loan up to 1 Lakh, the loan should be fully secured by any financial asset, such as LIC Policies/ NSCs/ KVP/ Deposits, subject to maintaining the prescribed margin against such securities.

Corp Site Loan - For Application Money

Purpose	To finance the loan application money/ initial deposit, which is payable to local Development Authority for allotting a residential site/plot.
Loan amount	Up to 5 Lakhs or initial deposit payable, whichever is less. Maximum amount should not exceed 12 times of borrower's monthly take home salary (for salaried persons) and 100% of gross annual income as per ITR in case (for other than salaried persons).
Repayment tenure	Up to 12 months or 15 days from the refund date, whichever is earlier.
Eligibility	Confirmed salaried individuals Non-salaried persons engaged in business, professionals and self-employed persons who are IT assesses and have minimum 2 years of satisfactory dealings with the bank. The applicant must be eligible to apply to the local Development Authority according to their rules for site/plot. Construction of the house must be undertaken in the allotted site or plot within a maximum period of 5 years. An undertaking to deposit the allotment letter which is issued by Development authority with the bank is required from the borrower.

Corp Site - For Purchase of Site/Plot

Purpose	The loan can be availed to purchase the land allotted by the housing board/ local development authority as a residential site/plot.
Loan amount	Maximum up to 75% of the total amount payable + registration charges or 25 Lakhs, whichever is lower.
Repayment tenure	Up to 60 months
Eligibility	Confirmed salaried individuals Non-salaried persons engaged in business, professionals and self-employed persons who are IT assesses and have minimum 2 years of satisfactory dealings with the bank. The applicant must be eligible to apply to the local Development Authority according to their rules for site/plot. Construction of the house must be undertaken in the allotted site or plot within a maximum period of 5 years. Only identified Corporation Bank branches can sanction the loan under this scheme.

Corp Ghar Sansar

Purpose	It is a Home Loan To Up loan to meet any personal� or domestic expenses.
Loan amount	Minimum: 1 Lakh Maximum: 10 Lakhs
Repayment tenure	Up to 7 years In case of salaried class, the repayment period should not exceed the retirement age. Repayment period shall not go beyond 70 years of age of the borrower unless co-applicant/s has the independent income to service the loan.
Moratorium period	Nil
Eligibility	The existing Home Loan borrowers with Corp Home Scheme, including variants like Corp Ghar Shobha Schemes and Corp Home - Premium NRI, having regular income & sufficient repayment capacity. Main applicant should invariably have income. If the property is in the name of close relative(s), who don't have a regular or independent income, they must join as co-applicant/ guarantor, irrespective of their age. Maximum one co-applicant is permitted The applicant is eligible for the loan only after completing 12 months from the commencement date of repayment and the repayment should regular. In case of Home Loan taken-over from other banks/financial institutions, the commencement of repayment period with the transfer or bank can also be considered. The applicant who has completed their existing housing loan with Corporation Bank is also eligible for the loan, provided the repayments were regular & loan was closed in the normal course/ prematurely. Insurance of property is mandatory & premium will be borne by the borrowers. More than one loan can also be extended to the applicant against the same property. Loan against second charge or Pari-Passu charge is not permitted.

Corp Home Premium - NRI

Purpose	To purchase ready built house/flat/ under construction flat. To construct a house in pre-owned land� To purchase land and construct house thereon.�� Takeover of housing loan from other banks or institutions.
Loan amount	Minimum: 5 Lakhs Maximum: 5 Crores
Repayment tenure	Maximum repayment tenure is 30 years Repayment period shall not go beyond 70 years of age of the borrower unless co-applicant/s has the independent income to service the loan.
Moratorium period	The repayment tenure includes a maximum repayment holiday period of up to 18 months.�
Eligibility	Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Age should be between 18 to 60 years Applicant must hold an Indian passport if NRI or foreign passport if PIO. The loan can be applied singly or jointly with a close relative who can be NRI/ PIO/ Resident Indian, conforming to the standards of the normal borrower with independent and regular income source and is residing abroad for minimum one year. In addition to spouse, maximum one resident close relative, i.e., Father/ Mother/ Son/ Daughter/ Brother/ Sister may join as co-applicant. Combined gross annual income of the NRI/PIO applicant and co-applicant(s) should be minimum 10 Lakhs.� In case of unmarried/ divorcee/ widow/ widower applicant, co-application of parent(s)/ Son/ Daughter/ Brother/ Sister/ a suitable third-party guarantee may be obtained. Age of the property should not exceed 30 years and repayment period should not exceed the balance life of the property. Co-application of the spouse is mandatory. If the spouse is also living abroad, co-application of any other close relative who is residing in India OR any suitable third-party guarantee of a person who is residing in India to be obtained.

Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY) is a credit-linked subsidy promoted by the central government to assist economically weaker section and low income group build their first pucca home with the help of subsidised credit scheme.

The loan cap is set as:

EWS: Maximum 20 Lakhs
LIG Category: Maximum 30 Lakhs
EWS Category: Maximum 20 Lakhs
LIG Category: Maximum 30 Lakhs

Those who qualify for PMAY can apply for housing finance through Corporation Bank.

Documents Required for Corporation Bank Home Loan

Following documents are required to process a Housing Loan from Corporation Bank:

Salaried Individuals	Self-Employed
Signed application form with photograph	Signed application form with photograph
Latest bank statements	Latest bank statements
Cheque for processing fees	Cheque for Processing Fees
ID proof	ID proof
Address proof	Address proof
Salary slips, last 3 years' statement of salary account, recent ITR, other income documents	Latest ITR, bank account statement, P&L statement, other income documents.�

Why Apply for Corporation Bank Home Loan on MyMoneyMantra?

At MyMoneyMantra, applying for a Home Loan from Corporation Bank is hassle-free as well as convenient. All you need to do is register online and our Mortgage Specialist will get in touch with you. Apart from consulting you on the best loan scheme that is tailor made for your requirements, we will also assist you with filling up of the loan application form. Our team is dedicated to help you complete your documentation checklist, collect your application form and documents from your home and deposit it to the respective bank. We also assist and support you through the approval and disbursement process for your loan.

How to Apply for Corporation Bank Home Loan on MyMoneyMantra?

You can visit MyMoneyMantra, go to the Home Loan section given under Loans tab, and enter the required details to apply for Corporation Bank Home Loan instantly. As soon as you fill up and submit your details, our Mortgage Specialists will call you to assist you further with the application and documentation process.

Other Products by Corporation Bank

Apart from the Home Loans offered by Corporation Bank, there are a wide variety of products for other applications, some of which are listed below:

Corp Vehicle	Corp Mortgage	Corp Vyapar	Corp Rental	Corp Shelter
Corp Apni Dukan	Corp Doctor Plus	Corp Personal	Corp Vidya	Padho Pardesh Scheme
Corp Professional	Corp Shubha Vivah	Corp Skill Loan	Working Capital	Term Finance
Project Finance	Corp SME Suvidha Scheme	Corp SME Tex Plus Scheme	Corp SME Auto Plus Scheme	Corp SME Term Plus Scheme
Corp SME Liquid Plus Scheme	Corp Collateral Free Loan Scheme under CGTMSE	Corp Commercial Vehicle Loan Scheme	Corp Artisans Credit Card	Corp Weavers Credit Card
Credit Linked Capital Subsidy Scheme (CLCSS)	Technology Upgradation Fund Scheme (TUFS)	Corp Timber Traders Loan	Prime Minister's Employment Generation Programme (PMEGP)	Corp Vanitha Udyog Scheme (CVUS)
Corp Gold Business Loan	Pradhan Mantri Mudra Yojana
Savings Accounts	Deposits	Debit Cards	Credit Cards	Forex Travel Card
PaySecure (RuPay debit cards)	Forex	Investments	Remittance	Tax and Pensions
Life Insurance	Health Insurance	General Insurance	Current Account	Cash Management
Payroll Account	PMJDY	E-Banking	Corp Kiran	Agriculture Banking

How to Calculate Corporation Bank Home Loan EMI?

The Corporation Bank Home Loan EMI amount can be computed using the MyMoneyMantra EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure and interest rates which help borrowers to calculate what their monthly EMI amount comes to.

Corporation Bank Home Loan - Processing Fees and Other Charges

Processing Fees:

Corp Home:50% of the sanctioned loan amount, maximum 50,000
Corp Site - For Application Money:
- Application money: 500, irrespective of the loan amount
- Allotment money: 0.50% of the loan amount, minimum 1,000
Corp Site - For Purchase of Allotted Site/Plot:
- Application money: 500, irrespective of the loan amount
- Allotment money: 0.50% of the loan amount, minimum 1,000
Corp Ghar Shobha:�50% of the sanctioned loan amount, minimum 1,000
Corp Ghar Sansar: 1% of the sanctioned loan amount, maximum 10,000
Corp Home Premium NRI:�50% of the sanctioned loan amount, maximum 50,000
Pradhan Mantri Awas Yojana:�50% of of the sanctioned loan amount, maximum 50,000

Prepayment Charges: Nil

Corporation Bank Home Loan Customer Care

You can contact Corporation Bank Customer Care through:

Telephone: 0824-2861447

Email: horls@corpbank.co.in

Corporate Office

Mangaladevi Temple Road, Pandeshwar

MANGALORE - 575 001

Karnataka, India

Tel: 91-824-2861888

Fax: 91-824-2440964

FAQs - Corporation Bank Home Loan

What should be the minimum age to get the Corporation Bank Home Loan?

You should be older than 18 to apply for the loan.

Are there any charges for prepayment of the loan?

No, there are no charges for prepayment or part-prepayment of the loan amount.

Can I change the way I pay the monthly amount?

Yes, but you will have to give an application at the bank which states that you need to change the payment method.

What is the margin required for Corp Ghar Shobha?

The minimum margin required is 25%

What is the margin required for Corp Home?

For Loan up to 30 Lakhs: 10%
For Loan above 30 Lakhs and up to 75 Lakhs: 20%
For Loan above 75 Lakhs: 25%

What is the maximum repayment tenure available for Corp Site Loan for application money?

The loan can be repaid in up to 12 months.

What is the maximum loan amount available under Corp Ghar Sansar?

You can avail an amount between 1 Lakh and 10 Lakhs.

Latest News on Corporation Bank

Corporation Bank's Employee Stock Purchase Scheme gets SEBI approval

The bank informed the stock exchanges on Tuesday that SEBI has given it approval to issue up to 10 crore fresh equity shares to employees through the Employee Stock Purchase Scheme as a method to comply with the requirement of minimum public shareholding.

Supreme Court allows Corporation Bank to move NCLT for claims against Amrapali Group

The Supreme Court Thursday allowed the Corporation Bank, which has led a consortium of banks to lend loans to the Amrapali Group, to move the National Company Law Tribunal (NCLT).

Corporation Bank approves capital infusion of 2,555 Crores

The extraordinary general meeting (EGM) of shareholders of Corporation Bank has approved a special resolution to issue equity shares on preferential basis to the Centre. This will help the government infuse up to 2,554.99 crore into the bank. The bank informed the stock exchanges that the EGM of shareholders has approved a special resolution to issue 86,90,47,619 equity shares at an issue price of 29.40 per share to the government on a preferential basis.