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Corporation Bank Home Loan |
Corporation Bank Home Loan is one of the best loan products offered by the Bank to a large number of low and moderate income homebuyers. The bank has assisted many first time home buyers in getting the home of their choice. Home loans from Corporation Bank can be availed for a number of purposes that include;
- Construction of new house/flat or purchase of already built house/flat.
- Repairing, renovating, improvement or extension of existing house/flat.
- To take-over housing loans financed by other banks or institutions.
Corporation Bank Home Loan Rate of Interest
Corporation Bank offers competitive interest rates with their home loan programs. However, the rate of interest will differ depending on the amount of loan and the repayment tenure. The following chart shows the home loan rate of interest that has been effective from 4th May, 2009.
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CorpHome (Floating rate) Upto Rs. 30 lakh
| TENOR |
Floating |
| Upto 5 years |
8.75% |
| Above 5 years & upto 15 years |
9.50% |
| Above 15 years & upto 20 years |
9.75% |
| Above 20 years & upto 25 years |
10.25% |
CorpHome (Floating Rate) Above Rs.30 lakh & upto Rs. 50 Lakh
| Tenor |
Floating |
| Upto 5 years |
9.50% |
| Above 5 years & upto 15 years |
10.00% |
| Above 15 years & upto 20 years |
10.50% |
| Above 20 years |
10.75% |
CorpHome (Fixed Rate):
| Loan Amount |
Fixed rate |
| Loan upto Rs. 30 lakh |
11.00% |
| Loan above Rs.30 lakh & Upto Rs. 50 Lakh |
11.50% |
| Loan above Rs. 50 Lakh |
11.50% |
Corporation Bank Home Loan Eligibility
Obtaining the home loan amount involves some eligibility conditions which the borrowers are required to fulfill in order to get the approval. First of all, applicants for home loan must be residents of India, NRIs or PIO holding Indian Passport that conforms to common borrower standards. It is essential for the borrowers to have independent or stable source of income. At the time of application, the borrowers must be of at least 18 years and not more than 60 years. Joint holders of the property should be included as co applicants for the loan term.
The home loan amount is determined by the repaying ability of the borrowers and the area of their residence. For instance, a maximum loan amount of 500 lacs and 30 lacs for site purchase can be availed in Metro and Port Town Centres. For borrowers in urban areas, loan amount of 50 lacs and 15 lacs for site purchase is available. If the applicant resides in semi urban or rural centers, he can get a maximum of 25 lacs and 10 lacs for purchase of site where the house will be built. On the other hand, Corporation Bank offers home loan insurance that comes with the loan itself.
The bank also offers home loan calculator through which borrowers can find the best available loan term that they can afford. For further information on loan margin, repayment period, security and EMI, visit the official website of the bank.
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