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Disclaimer: As of 1st April 2020, Corporation Bank has been merged into Union Bank of India. It no longer operates as a separate entity. To seek more information about Corporation Bank Home Loan check Union Bank of India home loan for updated information.

Corporation Bank Home Loan Details

Corporation Bank Home Loan is available at an attractive rate of interest of 7.40% p.a. Home loan borrowers looking for a fixed rate of interest for a maximum term of 5 years can apply for Corporation Bank Home Loan at a fixed rate starting 13.25% p.a. The rate of interest applicable is linked to credit score and principal loan requirement. Both salaried and self-employed individuals can apply for a home loan online to be repaid within a tenure extending up to 30 years. Check CIBIL score for a home loan before applying to get the best loan deal!

Also Read - Home Loan Tax Benefit

About Corporation Bank

Corporation Bank was merged into Union Bank of India. As of date, the bank is the fifth-largest banking company operating in India. Corporation Bank offers a range of banking products and services. The home loan segment, thanks to its competitive rate of interest and customized schemes, is the most sought-after. 

Features and Benefits of Corporation Bank Home Loan

  • Indian citizens and NRIs eligible for Corporation Bank home loan 
  • Option to choose between Fixed and Floating interest rates
  • 0.05% concession in interest rate to women applicants
  • Affordable floating interest rates ranging between 7.40% p.a. - 9.10% p.a.
  • Affordable Fixed interest rates ranging between 13.25% p.a.
  • Flexible repayment term extended up to 30 years
  • Different schemes to cater to different needs
  • Broad eligibility conditions including salaried and self-employed individuals
  • High Loan-to-value ratio
  • Low processing fee
  • No prepayment charge
  • No third-party guarantee required for Resident Indians
  • Different repayment methods available for convenient repayments
  • Moratorium period available for different schemes

Also Read - 7 Best Home Loans for Pensioners

Types of Home Loans Offered by Corporation Bank

Corporation Bank offers home loans under varied schemes. Each scheme is designed to cater to the distinct needs of home loan borrowers. The available options are:

  • Union Home – The Union Home loan from Corporation Bank helps raise finance for perchance, construction, repair, renovation, or extension of the property. The lowest home loan interest rate for the scheme is 7.40% p.a. Fixed interest home loan for a maximum period of 5 years can be availed at an interest rate starting at 13.50% p.a. The loan amount varies as per eligibility and is to be repaid within an extendable term of 30 years.
  • Union Awas – This scheme provides finance for the purchase and construction of houses in semi-urban or rural areas. The lowest home loan interest rate for salaried and self-employed individuals starts at 7.40% and 9.10% p.a., respectively. A max loan amount of Rs.10 lakh can be availed for a property in a semi-urban area and up to Rs. 7 lakh for a property in a rural area. The repayment tenure can go up to 30 years for purchase and 15 years for repairs.
  • Union Smart Save –This scheme offers the advantage of overdraft facility wherein excess funds can be deposited to reduce the home loan interest burden. The excess amount deposited in the account can be re-withdrawn any time again. The lowest home loan interest rate for salaried and self-employed individuals starts at 7.40% and 9.10% p.a., respectively. The loan amount depends upon eligibility and is to be repaid within 30 years.

Also Read - Tax Benefit on Second Home Loan

Corporation Bank Home Loan EMI Calculator

Home loan EMI calculator is the easiest way to know the EMI amount payable for the selected principal amount, rate of interest, and loan tenure. Home loan borrowers can make changes in these to reach the ideal EMI amount. The table below lists the Corporation Bank home loan EMI Calculator for different principal amounts and loan tenures. Corporation Bank home loan interest rate is taken as 7.40% p.a. for salaried individuals.

Loan AmountROIPayable EMI
20 years25 years30 years
Rs. 25 Lakh Home loan EMI7.40% p.a.Rs. 19,987Rs. 18,312Rs. 17,309
Rs. 50 Lakh Home loan EMI7.40% p.a.Rs. 39,974Rs. 36,625Rs. 34,619
Rs. 75 Lakh Home loan EMI7.40% p.a.Rs. 59,962Rs. 54,937Rs. 51,928

Also Read - 5 Tips to Manage Your Home Loan EMI

Documents Required for Corporation Bank Home Loan

Listed below are the documents required for Corporation Bank Home Loan:

  • Application form duly filled and signed
  • CIBIL score
  • KYC documents of applicant and co-applicant (if any) including Identity proof namely PAN card, Voters ID, Passport or Aadhaar; Address proof namely Driving license, Passport, Aadhaar; Latest passport size two photographs  
  • Income documents for salaried individuals include the last 2 year’s ITR, Form 16, the latest 3 salary slips, and proof of other Income in case it is not reflected in ITRs/Form 16). Bank statement — last 6 months in which salary is credited.
  • Income documents for self-employed individuals include the last 3 year’s ITR and proof of other Income in case it is not reflected in ITRs/Form 16). Bank statement of last 6 months 
  • Property documents of proposed property including Agreement to sell/Allotment letter, Copy of property ownership documents: Title deed/Original Sale Deed/Share Certificate(s) issued by the society 
  • Advance payment receipts and own contribution receipts 
  • Copy of approved plan by local body  
  • No Objection Certificate from Builder, Developer, or Society  
  • Statutory and regulatory approval of construction as per state laws.  
  • The estimated cost of construction in case of home loan for construction, extension, repairs, and renovations.  
  • In case of Balance Transfer of home loan from other Bank or Financial Institution including Sanction letter, Statement of Loan account for last 12 months, List of documents held with the Bank or Financial Institution on official letterhead, Authority letter from the applicant authorizing the Bank or Financial Institution  
  • In the case of NRIs, documents include employment contract or offer letter, Latest work permit, Copy of passport, Local address proof, Visa stamped on the passport, Identity card issued by current employer.

Also Check - Documents Required for HDFC Home Loan

Corporation Bank Home Loan - Processing Fees and Other Charges

The Processing Fee and other charges applicable on a Corporation Bank Home Loan are:

Charge HeadCharge Amount
Processing fees0.50% of the loan amount - subject to a maximum of Rs. 15,000
Legal & Valuation Charges
  • For new home loans: As per actual
  • For balance transfer loans: Waiver of up to Rs.10,000
Stamp Duty/ CERSAI/ Memorandum Registration ChargesAs per actual
Prepayment charges

For floating rate home loans: NIL

For fixed rate home loans:

  • NIL in case of prepayment through own funds
  • 2% in case of prepayment through balance transfer

Also Read - Home Loan Processing Fees of All Banks/NBFC

Corporation Bank Home Loan Customer Care

Customers can reach Corporation Bank Home Loan Customer Care center on the following helpline numbers

  • All-India Toll Free number: 1800 22 22 44, 1800 208 2244
  • Charged Numbers: 080-61817110
  • Dedicated number for NRI: +91 8061817110

Also Check - HDFC Bank Home Loan Customer Care

How to Apply for Corporation Bank Home Loan

MyMoneyMantra.com is an online portal that collates a comprehensive database for home loan schemes offered by different banks. The portal also provides end-to-end assistance to home loan seekers in finding their best-fit home loan. The home loan application process at MyMoneyMantra.com is simple and hassle-free. 

Listed below are steps to apply for Corporation Bank Home Loan on MyMoneyMantra:

  • Visit the official website of MyMoneyMantra
  • Click on the Home Loan link available at the bottom of the Home Page
  • Provide the required information 
  • Submit the inquiry form

A representative from MyMoneyMantra will contact you on receiving the home loan inquiry request. You will receive a call on the provided contact number to discuss and process your Corporation Bank home loan request.

Also Read - Prepayment of Home Loan: Charges & RBI Rules

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FAQs

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

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Applicant must be at least 18 years old to be eligible for a Corporation Bank Home Loan

✅Does the Corporation Bank levy any prepayment charges on a home loan?

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Corporation Bank does not charge a prepayment penalty for home loans availed at a Floating Rate of interest. However, in the case of Fixed Rate home loans, no prepayment penalty is charged in case foreclosure is done through own funds. In case of balance transfer of home loan to another bank or Financial Institution, a fee of 2% of the outstanding loan amount is charged.

✅What is the max loan tenure offered by Corporation Bank?

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The max loan tenure that is offered by Corporation Bank is 30 years.

✅What is the max loan amount offered by the bank towards home loans?

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The maximum loan limit in the case of Corporation Bank home loan for repairs and renovation is Rs.30 lakh without any upper limit in case of purchase and construction loan. it is directly linked to the applicant’s eligibility.

✅Can one apply for a Corporation Bank housing loan with the benefit of PMAY?

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Yes, a Corporation Bank housing loan can be availed with the benefit of PMAY. Under the scheme, the Central Government will provide an upfront interest subsidy to home loan borrowers eligible under the EWS/LIG category.

✅What is Corporation Bank's processing fee for home loans?

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The processing fee on Corporation Bank for home loans is 0.50% of the loan amount subject to a maximum of Rs. 15,000. However, there is no fee charged for loans up to Rs. 6 lakh availed under the PMAY scheme.