Corporation Bank Home Loan – 2020
|Interest Rate||7.10% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 80% of the property value|
|Processing Charges||Up to 0.50% of the loan amount|
Corporation Bank, after its merger with the Union Bank, offers home loans through Union Bank at an attractive interest rate starting from 7.10%. The bank offers various housing schemes which can be used for distinctive purposes.
Features and Benefits of Corporation Bank Home Loan
- Longer repayment period of up to 30 years
- Low rate of interest
- High loan-to-value ratio of up to 80%
- Special discounted ROI for women
- Speedy approval
- Various home loan schemes to choose from
- Available to both salaried and self-employed individuals
Corporation Bank Home Loan Interest Rates
The rate of interest offered by Corporation Bank is directly linked with the External Benchmark based Lending Rate (EBLR), which currently stands at 7.20%. The total interest rate applicable on a home loan is decided on the basis of the customer’s CIBIL score. Mentioned below are the interest rates offered under various schemes.
|Union Home||7.10% onwards|
|Union Smart Save||7.45% onwards|
|Union Awas||7.10% onwards|
|Union Top-Up||Decided by the bank at the time of application|
Corporation Bank Home Loan Processing Fee and Other Charges
|Processing Fee||0.50% of the loan amount; subject to a maximum of Rs.15,000|
|Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges||As per actuals|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Corporation Bank Home Loan EMI Calculator
Corporation Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Corporation Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Corporation Bank home loan EMI.
Corporation Bank Home Loan EMI Calculation
The table below shows Corporation Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||7.20%||Rs. 27,301||Rs. 23,620||Rs. 20,364|
|Rs. 60 lakh||7.35%||Rs. 55,111||Rs.47,787||Rs. 41,338|
|Rs. 90 lakh||7.45%||Rs. 83,176||Rs. 72,228||Rs. 62,621|
|Rs. 1 crore||7.55%||Rs. 92,986||Rs. 80,865||Rs. 70,264|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Corporation Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Corporation Bank.
|Eligible Profiles||Salaried and Self-employed individuals|
|Loan Amount||Up to 80% of the property value|
|Age||Minimum: 21 years|
Maximum: 70 years (at the time of loan maturity)
Check Also: Home Loan Eligibility Calculator
Corporation Bank Home Loan Documents Required
Following are the documents required to successfully apply for Corporation Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details of two years||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Corporation Bank Home Loan Schemes
Considering the distinct requirements of a varied customer base, Corporation Bank offers customized home loan schemes through Union Bank to suit the needs of customers.
- Union Home:This is a regular housing loan scheme which can be used for:
- Union Awas:This scheme can be availed by Resident Indian customers for purchase/construction of a house, purchase of plot from government agencies, and also for repairs/improvements/ extension of the existing residential property.
Note: For purchase or construction of a house, maximum loan amount available under the scheme is limited to Rs. 7 lakh for semi-urban areas and Rs. 5 Lakh for rural areas. For repairing a house, the maximum loan amount is restricted to Rs. 3 lakh for semi-urban areas and Rs. 2 Lakh for rural areas.
- Union Smart Save: This scheme is available to all the eligible salaried and self-employed customers as an overdraft facility that allows them to deposit additional amount in their loan account with an option to withdraw such excess amount at a later date as per their requirement. This helps customers to maximize their savings on interest through the reduction in outstanding loan amount.
- Union Top-Up: This is a top-up home loan scheme available to existing housing loan customers with a successful repayment record of at least 24 months. The loan amount availed can be used to meet any expenditure with respect to the house such as repairs, renovations, furnishing, etc. The maximum repayment tenure offered under the scheme is 5 years.
Apply for Corporation Bank Home Loan on Paisabazaar.com
Customers can apply online for Corporation Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Corporation Bank Home Loan Customer Care Details
Customers can reach out to Corporation Bank on the below-mentioned contact numbers to get their home loan-related queries addressed.
- Email: firstname.lastname@example.org
- Tel: 0824-2861447
Q1. What is the security required to avail a home loan?
The security required to avail a home loan is the equitable mortgage (EM) of the residential property financed by the bank. If the house/ flat proposed to be purchased is yet to be constructed or is under construction, interim security may be required till the period of its completion.
Q2. Is the insurance of the property mandatory?
Property insurance is compulsory to the tune of the value of the property.
Q3. Who all can apply for the loan as co-applicants?
Close relatives such as Father/Mother/Son/Spouse can join the loan as co-applicants. A sibling can also join the loan but the property must be in the joint names of the siblings. The income of these co-applicants can be used for the purpose of calculation of eligible loan amount.
Q4. How can I repay the loan?
The repayment can be made through:
- standing instruction to your Union Bank of India savings account to directly remit the EMI amount to your loan account
- internet banking facility available on your Union Bank of India savings account
- ECS (Debit) facility
- Post Dated Cheques (PDCs)
Check Also: Home Loan Prepayment Calculator