About Corporation Bank Home Loan
Corporation Bank is a leading public sector bank in India that offers a wide range of products to the customers. It has been of the Indian banking world since 1906 and has become a top choice for loan seekers. The bank with more than 2,000 branches has a strong network in the country. The bank has constantly strived to meet the financial needs of its customers.
Buying a home is the top priority for many people. If a person wishes to secure a home loan, then he/she should not look further than Corporation Bank. The bank offers a home loan to eligible home loan seekers at competitive rates of interest. The product can be used to construct a house or flat, purchase an already built flat or house, take over a home loan from other banks, and purchase a site and constructing a home there.
Corporation Bank Home Loan Interest Rate
| Particulars | Details |
|---|---|
| Interest Rate | 8.60% - 11.20% |
| Loan amount | For Metro Cities - ₹ 500 lakh Port Town(Other than Metro) and Urban Cities- ₹100 lakhs Semi Urban Cities-₹50 lakh Rural Cities -₹ 35 lakhs |
| Tenure | 30 years |
| Processing Fee | Corp Home-0.50% of loan amount, maximum of ₹ 50,000 Corp Ghar Shobha-0.50% of loan amount subject to a minimum of ₹ 10,000/- |
| Prepayment Charges | NIL |
Corporation Bank Home Loan Eligibility
A home loan borrower has to first meet the eligibility criteria set by Corporation in order to successfully avail finance from the bank. The criteria has been mentioned below-
- The applicant should be between the age of 18 to 65 years. This clearly means the applicant must have attained the age of at least 18 years while applying for a home loan. Repayment period should not exceed the age of retirement for the salaried employees. The loan has to be completely repaid by the age of 70 years for people other than salaried employees.
- The applicant must earn a stable income from an independent and regular source.
- The applicant has the provision to add any family member in addition to his/her spouse so as to enhance the repayment capacity.
Corporation Bank Home Loan Documents
The list of documents required to obtain a home loan from Corporation Bank has been given below.
- Identity Proof-PAN Card/Passport/Voter ID/Driving License/Aadhaar Card
- Address Proof-Utility Bill/Passport/Aadhaar Card/Voter ID
- Income Proof-Latest Salary Slips & Form 16 for Salaried
- Profit & Loss A/C Statement & Audited Balance Sheet for the Last 3 Years
- Bank Account Statement for the Last 6 Months
- Track record of existing loans, if any
- Details of property you look to buy & construct
Corporation Bank Home Loan EMI Calculator
It is very important for the home loan borrower to take in account the EMI amount he/she will be paying to the bank every month. In case, the applicant has no clear idea about the EMI amount and simply takes a home loan, there is a high probability he may even end up disturbing the budget for the month. The EMI calculator is the perfect tool when it comes to calculating the EMI amount and the total interest payable in the most hassle free manner. All you have to do is simply enter the desired loan amount, rate of interest and tenure period. Within few seconds the results will be displayed on your screen.
Let’s make things easier with the help of an example.
Suppose Abhishek Mukherjee, a 25-year-old software engineer wishes to buy his own house in Lucknow and requires ₹25 Lakh for the same. He approaches Corporation Bank for the same and the bank offers him the given amount at an interest rate of 8.85% after checking his repayment capacity. The tenure period has been kept at ten years. He can simply use the magical tool to know about the EMI he will have to pay every month and the total interest payable to the bank. Have a look at the table below to have all the related information.
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount ₹ 25,00,000 8.85% 1 ₹ 2,18,455 ₹ 1,21,458 ₹ 26,21,458 ₹ 25,00,000 8.85% 2 ₹ 1,14,040 ₹ 2,36,957 ₹ 27,36,957 ₹ 25,00,000 8.85% 3 ₹ 79,325 ₹ 3,55,697 ₹ 28,55,697 ₹ 25,00,000 8.85% 4 ₹ 62,035 ₹ 4,77,665 ₹ 29,77,665 ₹ 25,00,000 8.85% 5 ₹ 51,714 ₹ 6,02,845 ₹ 31,02,845 ₹ 25,00,000 8.85% 6 ₹ 44,878 ₹ 7,31,213 ₹ 32,31,213 ₹ 25,00,000 8.85% 7 ₹ 40,033 ₹ 8,62,742 ₹ 33,62,742 ₹ 25,00,000 8.85% 8 ₹ 36,431 ₹ 9,97,401 ₹ 34,97,401 ₹ 25,00,000 8.85% 9 ₹ 33,659 ₹ 11,35,155 ₹ 36,35,155 ₹ 25,00,000 8.85% 10 ₹ 31,466 ₹ 12,75,962 ₹ 37,75,962
Year Principal Interest Balance Amount 1 ₹ 1,62,846 ₹ 2,14,750 ₹ 23,37,153 2 ₹ 1,77,857 ₹ 1,99,739 ₹ 21,59,295 3 ₹ 1,94,252 ₹ 1,83,344 ₹ 19,65,043 4 ₹ 2,12,158 ₹ 1,65,438 ₹ 17,52,884 5 ₹ 2,31,715 ₹ 1,45,881 ₹ 15,21,169 6 ₹ 2,53,074 ₹ 1,24,522 ₹ 12,68,094 7 ₹ 2,76,402 ₹ 1,01,193 ₹ 9,91,691 8 ₹ 3,01,881 ₹ 75,715 ₹ 6,89,810 9 ₹ 3,29,708 ₹ 47,887 ₹ 3,60,101 10 ₹ 3,60,331 ₹ 17,495 ₹ 0