Corporation Bank Loan Against Property

Last Updated : Nov. 18, 2016, 8:38 a.m.

About Corporation Bank Loan Against Property

Corporation Bank loan against property or mortgage loan is open for all kind of needs, be it any personal or professional need like your child’s foreign education, abroad travel, home renovation, business expansion, etc.

The bank gives you the opportunity to keep your property asset as the security and get money. As a result, the loan against property is one of the most reliable ways of getting an instant loan. With the minimum documentation process and easy EMI repayment options, LAP of Corporation Bank is one of the most in demand with the rate of interest ranging from 8.40% - 10.65% per annum for the tenure up to 10 years.

Read this blog to know the interest rates, processing fees, loan amount, tenure, etc.

How to Apply

Just like other loans, the procedure of applying for the loan against property is simple with minimum documentation and fast loan disbursal time. Follow these 4 steps to apply:

• Download loan application form
• Fill up the applicant and loan details
• Attach all the documents as per the requirement
• Submit all the papers at the nearest bank branch

Corporation Bank Loan Calculator

The loan EMI calculator of Corporation Bank will help you know the EMI of each and every month as per the loan tenure. Here are the details that you need to mention in the EMI calculator:

• Loan Amount
• Tenure
• Interest Rate

Let us assume that a person is taking a loan of ₹15,00,000/- at the rate of interest 11.20% p.a. for the repayment period of 10 years. Now, he would want to know the monthly installments and how much money he will pay back for his loan? Here is the table with total interest amount, total amount (interest + principal) and the amortization table that gives the information on total interest repaid in all years.

Eligibility Criteria

All banks have certain eligibility criteria for the profile of the loan applicant. So, here is the list of the eligibility to get a loan from Corporate Bank:

• Individuals in the age group of 18 – 65 years owning residential /Commercial property / Industrial property, land and/or building
• NRI, Partnership Firms, Companies , HUF and Trusts are also eligible
• Close relative/s may join as co-applicant/s to supplement repayment capacity. However, maximum of two co- applicants can join to supplement repayment capacity
• In case of Firms/Companies/Trusts/HUF, Partners/Directors/ Trustees/Co- Parceners with regular & independent income may join as Co- applicants to supplement repayment capacity

Documents Required for LAP

Below is the list of documents as per the profile of the customer:

For Salaried Individual

• Filled up loan application from
• 2 Passport Size Photos
• Identity Proof – Passport/ Driving Licence/ Voter ID Card/ PAN Card
• Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debits

For Self-employed Professionals

• Filled up loan application form
• 2 Passport Size Photos
• Identity Proof – Passport/ Driving License/ Voter ID Card/ PAN Card
• Residential Address Proof – Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
• Last 3 years IT return
• Cash Accruals/Depreciation also may be added to income

Property documents for Loan Against Property from Syndicate Bank

• Registered Sale Deed/ Conveyance/ Lease Deed
• Past Sale Deeds Chain (each transaction in respect of this property since the first allotment
• Latest House Tax Return/ Receipt
• Approved Building Plan from Municipal Corporation

Corporation Bank Loan Application Form

In the loan application form of Corporation Bank, the mandatory fields that you must fill are as follows:

• Name of the applicant/s
• Loan amount
• Property details
• Tenure
• Processing fees
• Profession
• Age
• Purpose of the loan
• Address
• Income details
• Contact details

Corporation Bank Loan Interest Rates

The bank offers floating rate of interest linked to the MCLR and is subject to revision from time to time. For LAP, the interest rates charged are 11.20 % p.a. for MSME and for others it is 13.20% p.a.

Processing Fees

Under Corp Festive Offer, the processing fee on the loan is 0.50% of the sanction amount for Running account and 1.00% of the sanction amount for Term Loan.

Features of Corporation Bank LAP

Here are some of the main key features of Corporation Bank LAP:

1. Higher loan amount up to ₹5 Crores
2. Longer repayment period up to 10 years
3. Interest rate ranging from 11.20% to 13.20% p.a.
4. Low processing fees
5. Multiple loan facility
6. Third party guarantee is not mandatory