Posted by: Manshi Repiles0 Posted:2022-01-28 19:36:07 ISTUpdated:2022-01-28 19:36:07 ISTWritten by - CreditMantriarticle
An Rs.10 lakh home loan, with an interest rate of 7.5% and a repayment tenure of 20 years, will cost you an EMI of Rs.8056 per month.
Corporation Bank offers home loans to eligible individuals who want to build or buy a home. The property purchased or going to be built is mortgaged as collateral until the loan is repaid in full, including interest. The average house loan term is between 5 and 30 years. The bank offers a floating rate of interest on home loans that start at 6.5%.
Corporation Bank Home Loan Snapshot
Eligibility Criteria
Salaried and Self-Employed
Loan Tenure
Up to 30 years
Loan Amount
Based on your repayment capacity
Interest Rate
Starting at 6.50%
Processing Fees
0.50% of the loan amount up to a maximum of Rs.15,000 + GST
Prepayment Charges
Nil
Some benefits of getting your home loan from Corporation Bank
Both Indian citizens and non-resident Indians can use it.
There is no maximum loan amount.
For repairs/renovations, a loan of up to Rs.30 lakhs is provided.
For loan amounts less than Rs.30 lakhs, a loan of up to 90% is offered.
A repayment period of up to 30 years is possible.
Applicants interested in agricultural and related activities can use the Equated Quarterly Instalment (EQI) option
Processing fees are just 0.50% of the loan amount, up to Rs.15000 max
Prepayment penalty-free loans with a floating rate of interest
A Corporation Bank home loan has a starting interest rate of 6.50%. Your credit score has a significant impact on the interest rate on a Corporation Bank home loan; the higher your credit score, the lower the interest rate.
