Corporation Bank Loan Against Property

Loan Against Property is a loan availed against a pre-owned property. The property, whether residential or commercial, is mortgaged to avail the loan. The value of loan is directly linked to the market value of the property and the amount of loan availed thereof can be utilized for any purpose like working capital for business, funding personal needs like medical expenses, education expenses, purchase of another asset or kid's wedding or even a family vacation. The property set as collateral remains mortgaged till the time the loan amount is repaid in full. The repayment is done in equal monthly instalments (EMIs) calculated using the principal amount, rate of interest on loan against property and loan tenure.

Corporation Bank, one of the oldest public sector banks operating in India since 1906, offers an entire range of loans of advances to meet diverse and unique needs of clients. It offers Loan Against Property to owners of residential and commercial properties who are looking for immediate funds to fund their personal needs. Corporation Bank offers quick and hassle-free Mortgage Loan. The process is completely formalized with low paperwork and has a competitive interest rate charge.

Corporation Bank offers Loan Against Property under one category, i.e., Corp Mortgage Scheme (Loan Against Immovable Property).

The features of the same are mentioned below:

Numerous banks and lending institutions offer Loan Against Property. However, Corporation Bank Loan Against Property is loaded with benefits which make their product most viable. The advantages of applying for the loan are:

• The loan quantum depends upon the location of the property
• Floating rate of interest charged for Loan Against Property
• Competitive interest rates starting from as low as 10.85% p.a.
• Quick and hassle-free loan approval system
• Less documentation procedure
• Low rate of loan processing fee
• No charges for prepayment or foreclosure of loan account
• Convenient loan tenure ranging between 7-10 years
• No hidden charges
• No prepayment charges
• Flexible repayment option through monthly EMIs
• Feature of co-applicant available to increase eligibility on loan against property
• Loan Against Property available to individuals, corporate set-ups, HUF and Trusts

Following charges are applicable on Corporation Bank Loan Against Property:

*Corporation Bank Loan Against Property Interest Rates are linked to its Repo Linked Lending Rate (RLLR) w.e.f 15.11.2019. The current RLLR is RBI Repo Rate + Spread, i.e., 5.15% + 2.75% = 7.90%.

Customers seeking Loan Against Property from Corporation Bank must fulfill the below-mentioned eligibility criteria:

• All individuals between the age group of 18 - 65 years are eligible to apply for a Loan Against Property.
• Individual can be self-employed or salaried
• The property, whether residential /commercial/ industrial/ built-up or land site, must be registered in the name of the individual applying for the Loan Against Property.
• Private limited companies, HUF (Hindu Undivided Family), NRI (Non-Resident Indian), Partnership Firms, and Trusts are also eligible to apply for a Corporation Bank Loan Against Property.
• Corporation Bank Loan Against Property can be applied with co-applicant(s) to supplement repayment capacity subject to a maximum of two co-applicants.
• Partnership firms, private limited companies, Trusts and HUF partners, directors, trustees, and coparceners with regular and independent income can become co-applicants of the Loan Against Property.
• Corporation Bank does not allow loan against third party property and property owned by sister or associate concerns.

Applicant willing to apply for a Corporation Bank Loan Against Property must submit a duly filled application form to the form supported by the following documents:

For Salaried Employees

For Self-Employed

Documents required for Corporation Bank Loan Against Property for Trust

• PAN Card of all Trustees and Property Owners
• Passport of all Trustees and Property Owners
• Individual 3 year IT statements of Trustees and Property Owners
• No objection certificate by all Trustees
• Copy of Trust Deed
• Balance Sheet and IT Returns of the Trust

Documents required for Corporation Bank Loan Against Property for HUF

• Loan must be applied by Karta
• No objection certificate from all coparceners
• PAN of the HUF
• Identity proof of Karta
• Address proof of Karta

MyMoneyMantra allows its users to calculate loan eligibility and affordable EMI using its online EMI Calculator.

To use the calculator, user simply has to follow the following steps:

• Log on to the website mymoneymantra.com
• Go to the 'Financial Tools' link appearing on the header bar and choose the link EMI Calculator from the drop-down menu.
• Enter the required figures for principal amount, rate of interest, and loan term
• Upon submitting the information, an EMI value corresponding to the entered variables will flash on the screen.
• Make adjustments in the variables to reach the ideal EMI amount
• Once you reach the ideal EMI amount, check loan eligibility for the principal amount using the loan eligibility calculator.

MyMoneyMantra collates all the information required to calculate loan EMI and eligibility of different lending institutions on a single screen. Thus it is very convenient to use MyMoneyMantra Loan Against Property Calculator and get the most effective results, promptly. This helps in taking an informed decision.

You can initiate and submit your Loan Against Property application through MyMoneyMantra. Once the filling of the application for Loan Against Property is complete, a representative of MyMoneyMantra will get in touch with you to help you through your loan application process. On approval, the loan proceeds are directly credited to your account.

Corporation Bank also offers the loans mentioned below:

• Corp Home
• Corp Vehicle
• Corp Rental
• Corp Vyapar
• PMAY - CLS for Middle Income Group
• Pradhan Mantri Awas Yojana
• Corp Shelter
• Corp Doctor Plus
• Corp Apni Dukan
• Corp Site (for purchase of allotted site/plot)
• Corp Site (for Application Money)
• Corp Personal
• Corp Vidya
• Padho Pardesh Scheme
• Corp Professional
• Corp Ghar Shobha
• Corp Shubha Vivah
• Corp Ghar Sansar
• Corp Skill Loan
• Loans for NRIs

You can contact the bank via the following modes:

Contact

91-824-2861888

OR

Visit

Corporation Bank Corporate Office

Mangaladevi Temple Road

Pandeshwar

MANGALORE - 575 001

Karnataka, India