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Corporation Bank Home Loan

Apply Corporation Bank Home Loan

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

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About Corporation Bank of India Bank

Corporation Bank Bank Limited is an Indian banking and financial services company headquartered in Mangalore. The bank has a network of 2,440 fully automated CBS branches, 3,040 ATMs , and 4,724 branchless banking units across the country. Corporation Bank provides a wide range of banking products and financial services to retail and corporate customers.

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What Is a Home Loan?

Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to Corporation Bank of India Bank Home Loans

Corporation Bank of India Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. Corporation Bank of India Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, Corporation Bank of India Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of Corporation Bank of India Bank Home Loans

  • Attractive interest rates with floating and fixed type based on your preference
  • Low processing fees
  • Less paperwork
  • No prepayment charges
  • Easy home loan balance transfer
  • Transparent application process
  • Flexible repayment options

Features of Corporation Bank of India Bank Home Loan

Key Highlights

Eligibility CriteriaSalaried and Self-Employed
Loan TenureUp to 30 years
Loan AmountUp to 5 crores
Interest Rate8.25% (Base Rate)
Processing Fees0.50% of the loan amount or INR 50,000
Prepayment ChargesNil

Objective:

Corporation Bank of India Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Up to 5 crores

Loan Tenure:

Up to 30 years of repayment period is available under Corporation Bank home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.50% of the loan amount or maximum of INR 50,000.

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to Corporation Bank at ease.

Corporation Bank Home Loan
Apply for Corporation Bank Home Loan

Top Up Home Loan

Corporation Bank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.

Interest Rate on Corporation Bank Home Loan

Floating Interest RateUp to 2 crores8.75%
Above 2 crores9%
Fixed Interest RateUp to 25 Lakhs11.75%
Above 25 Lakhs12.25%

Eligibility Criteria:

To avail the home loan from Corporation Bank, you need to have the following eligibility criteria.

  • You should be over 21 years of age.
  • Steady source of income

Documents Required to Apply for Corporation Bank of India Bank Home Loans

Important documents to be submitted while applying for home loan with Corporation Bank

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals
  • Property tax receipt
  • Proof of business address for non-salaried individuals
  • Personal assets and liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

EMI Payment Methods

Your Corporation Bank of India Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with Corporation Bank of India Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Corporation Bank of India Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-Corporation Bank of India Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-Corporation Bank of India Bank account at your nearest Corporation Bank of India Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for Corporation Bank of India Bank Home Loan?

You can either apply online or visit a nearby Corporation Bank of India Bank branch for the application. You can also download the home loan application form from the Corporation Bank of India Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of Corporation Bank of India Bank Home Loans

With attractive interest rates and low processing fees, Corporation Bank of India Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the Corporation Bank of India Bank home loan without any penalty. Corporation Bank of India Bank home loan is the best option to buy or construct your dream house.

Corporation Bank of India Bank Home Loan FAQs

1. What are processing fees on Corporation Bank of India Bank Home Loans?

The processing fee is 0.50% of the loan amount sanctioned

2. Is there penalty for prepaying the Corporation Bank of India Bank Home Loan?

No penalty is levied for prepaying the Corporation Bank Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for Corporation Bank of India Bank home loans?

The maximum repayment period is 30 years.

5. How Can I apply for Corporation Bank of India Bank home loan?

You can either apply online or visit a nearest Corporation Bank of India branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by Corporation Bank of India Bank?

The maximum loan amount is 5 crores.

7. Does Corporation Bank of India Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to Corporation Bank.

8. Can I get tax benefits from Corporation Bank of India Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.

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