Corporation Bank Home Loan Interest Rate at 8.35% to 10.75%

INTEREST RATE8.35% to 10.75%
LOAN TENURE30 Years
PROCESSING FEE0.50% of the loan amount, maximum of Rs.15000 including service tax
GUARANTOR REQUIREDNo
PRE CLOSURE CHARGESNil
Note: Updated on Feb 2024, for latest interest rates, please visit bank website.

Calculate Corporation Bank Home Loan EMI Calculate EMI Now

About Corporation Bank

Corporation Bank is a public sector bank in india. Corporation Bank was founded on Mar. 12, 1906. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Corporation Bank which includes Corporation Bank Official Website, Corporation Bank ATMs accross the India, Corporation Bank Branches accross the India, Corporation Bank Contact Numbers, Corporation Bank official EmailID, Corporation Bank Headquarter and Corporation Bank Headquarter Address. Find Corporation Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.

Why Corporation Bank Home Loan?

  1. Corporation Bank provides a range of Home Loan Schemes designed for different needs of customers
  2. Interest Rate is very competitive and affordable
  3. Minimal Documentation
  4. It provides Flexible Repayment Options to the borrowers
  5. Easy and fast approval & disbursal of home loans
  6. Has dedicated team of well-experienced employees which also offer personalised service
  7. 24/7 customer care service of Corporation Bank offers timely assistance to the customers

Corporation Bank Home Loan Purpose

  • Purchase/ construction of house/ flat
  • Purchase of plot and construction of house thereon
  • Repairs/ improvements/ extension of the existing residential property
  • Take-over of housing loan availed from another bank / FI

Corporation Bank Home Loan Eligibility

  • The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
  • The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
  • The applicant must be salaried or self-employed with a regular income.
  • The applicant must earn more than the minimum required income.

Corporation Bank Home Loan Document Required

  1. Duly filled and signed application form with photograph
  2. Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
  3. Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
  4. Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
  5. Form 16
  6. Latest 6 months salary slips for salaried persons
  7. Bank Statement of last 6 months
  8. Income Tax Returns (ITR) of last 3 years
  9. Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
  10. Processing fee Cheque
  11. Copies of the title documents of the property and the approved plan
  12. For Construction/ Renovation case, cost estimate from the Architect

Tax Benefits of availing Corporation Bank Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

Corporation Bank Home Loan Amount

Customised on the basis of the value of the property and the repayment capacity of the borrower.
For repairs of an existing property - Maximum upto Rs. 30 lakh

Margin

20% to 35% of the loan amount

Corporation Bank Home Loan Repayment

Maximum 30 years or upto the age of 70 years , whichever is earlier. Maximum 10 years for repairs.

Security

Equitable mortgage (E.M.) of the residential property
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)

In Case of Prepayment of Corporation Bank Home Loan, will EMI change?

One can pre-pay Corporation Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

  1. He can continue with the existing and reduce the loan tenure
  2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

How to reduce your Home Loan EMI?

  • Negotiate with your banker on lower interest rate
  • Apply for longer tenure
  • Give maximum amount as down payment
  • Pre-pay loan amount
  • Switch to another bank/ FI offering lower interest rate

Contact details of Corporation Bank, Corporation Bank SMS balance check number SMS banking, Corporation Bank mobile banking, Corporation Bank toll free number,Corporation Bank toll free number 24*7, Corporation Bank miss call number.

  • MISSED CALL NUMBERS - 9223008586
  • CUSTOMER CARE NUMBERS - 1800222244, 18002082244, 080-61817110
  • CONTACT NUMBERS - 1800222244, 18002082244, 080-61817110

Corporation Bank Contact Details

  • BANK OFFICIAL WEBSITE - https://www.unionbankofindia.co.in
  • CONTACT NUMBERS - 1800222244, 18002082244, 080-61817110
  • EMAIL ID - [email protected], [email protected]
  • MISSED CALL NO. - 9223008586
  • CUSTOMER CARE NO. - 1800222244, 18002082244, 080-61817110
  • TOTAL BRANCHES - 2298
  • TOTAL ATMS - 2933
  • HEADQUARTER - Mangalore
  • BANK ADDRESS - Corporate Office, Mangladevi Temple Rd.,Post Box No. 88, Mangalore-575 001
Corporation Bank EMI Calculator  Corporation Bank Branches
Corporation Bank Home Loan FAQs  Home Loan Document Required

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Corporation Bank Home Loan Interest Rate at 8.35% to 10.75% 24 Feb 2024