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 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
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.
Also Read - 7 Best Home Loans for Pensioners
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:
Also Read - Tax Benefit on Second Home Loan
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.
Also Read - 5 Tips to Manage Your Home Loan EMI
Listed below are the documents required for Corporation Bank Home Loan:
Also Check - Documents Required for HDFC Home Loan
The Processing Fee and other charges applicable on a Corporation Bank Home Loan are:
|Charge Head||Charge Amount|
|Processing fees||0.50% of the loan amount - subject to a maximum of Rs. 15,000|
|Legal & Valuation Charges|
|Stamp Duty/ CERSAI/ Memorandum Registration Charges||As per actual|
For floating rate home loans: NIL
For fixed rate home loans:
Also Read - Home Loan Processing Fees of All Banks/NBFC
Customers can reach Corporation Bank Home Loan Customer Care center on the following helpline numbers
Also Check - HDFC Bank Home Loan Customer Care
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:
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
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 758 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
Applicant must be at least 18 years old to be eligible for a Corporation Bank Home Loan
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.
The max loan tenure that is offered by Corporation Bank is 30 years.
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.
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.
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.