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% |
Above 25 Lakhs |
1Y MCLR + 3.60 = 12.25% |
|
Pradhan Mantri Awas Yojana CPMAY |
Up to 2 Crores |
1Y MCLR + 0.10 = 8.75% |
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 |
|
Loan amount |
|
Repayment tenure |
|
Moratorium period |
The repayment tenure includes moratorium of maximum 18 months. |
Eligibility |
|
Corp Ghar Shobha - For home repair, renovation, and furnishing
Purpose |
|
Loan amount |
|
Repayment tenure |
|
Moratorium period |
The repayment tenure includes moratorium of maximum 6 months. |
Eligibility |
|
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 |
|
Repayment tenure |
Up to 12 months or 15 days from the refund date, whichever is earlier. |
Eligibility |
|
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 |
|
Corp Ghar Sansar
Purpose |
It is a Home Loan To Up loan to meet any personal or domestic expenses. |
Loan amount |
|
Repayment tenure |
|
Moratorium period |
Nil |
Eligibility |
|
Corp Home Premium - NRI
Purpose |
|
Loan amount |
|
Repayment tenure |
|
Moratorium period |
The repayment tenure includes a maximum repayment holiday period of up to 18 months. |
Eligibility |
|
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.