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Corporation Home Loan Eligibility Calculator

Corporation Bank Home Loan Eligibility in India 2021

Last Updated 11th May 2021

Eligibility CriteriaCorporation Bank Home Loan
Eligible Age of Borrower18 - 65 years
  • Corporation Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Corporation calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Corporation Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.

Corporation Bank has merged into Union Bank of India on April 1, 2020. The interest rates of Union Bank of India will now be applicable on Corporation Bank Home Loan.

Home Loan Eligibility Calculator

Corporation Home Loan Eligibility

Corporation offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Corporation housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Corporation Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Corporation Bank home loan is 18 years at the time of loan commencement and maximum age limit is 65 years. Corporation Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 65 of tenure.

Corporation Home Loan Eligibility based on Salary

  • Net income: Your net monthly income determines how much Corporation Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Corporation Bank, the loan amount that you will be eligible for would be ₹ 36,61,213 to ₹ 49,85,235 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 73,22,426 to ₹ 99,70,469 for the same property at the same rate depending on your age at the time of loan application. However, Corporation Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.85 Lakh74.78 Lakh99.70 Lakh
30 years49.85 Lakh74.78 Lakh99.70 Lakh
35 years49.85 Lakh74.78 Lakh99.70 Lakh
40 years46.83 Lakh70.24 Lakh93.65 Lakh
45 years42.58 Lakh63.86 Lakh85.15 Lakh
50 years36.61 Lakh54.92 Lakh73.22 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Corporation Bank home loan eligibility.

  • Nature of employment: Corporation Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Corporation Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Corporation Bank based on Value of Property

  • Value of property: Corporation Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Corporation Bank's legal team.

The housing loan eligibility calculator of Corporation Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Corporation Home Loan

  • CIBIL Score: Corporation considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Corporation However, low CIBIL score reduces your chances to get a home loan. Corporation requires a minimum credit score of 650 to be eligible for a home loan.

Corporation Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Corporation to determine your home loan eligibility. Corporation Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Corporation Bank home loan is 0.65. Calculate your eligibility with Corporation Bank home loan calculator and apply for eligible loan amount hassle free.

Corporation Bank Home Loan for Women Eligibility

In the case of sole woman applicant, Corporation Bank offers a concessional home loan rate of 6.80% for women borrowers, although the eligibility criteria is the same for them. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my Corporation Home Loan Eligibility ?

To check Corporation Bank home loan eligibility perform the following steps:-

  • Go to the Corporation Bank website
  • Now navigate to the option Corporation Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 180-022-2244/ 1800-208-2244.

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What is the criteria to get Corporation Bank home loan?

The basic criteria to get a home loan from Corporation Bank are as following:

Age18 - 65 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Corporation Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Corporation Bank?

The minimum salary required to avail home loan from Corporation Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Corporation Bank.

Is Corporation Bank good for home loan?

The lowest interest rate provided by Corporation Bank is 6.80% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Corporation Home Loan News - Jun 2021
  • 2019-11-08 : Corporation Bank net profit rises to 26%
    State-owned, Corporation Bank posted an increase in its net gain of 26% leading to Rs 129.76 crores. Bad retail loans like housing and property loans fell to 5.59% from 11.65% in the preceding quarter to up to Rs 6,751.20 crores. Corporation Bank is one of the leading PSU partners in the home loan.
  • 2019-08-19 : Corporation bank reduces its MCLR rate by 15 basis points
    With effect from August 15, Corporation Bank has reduced its MCLR rate by 15 bps and thus making housing loans and mortgage loans cheaper. Now, MCLR for a tenure of one year has been reduced from 8.85 % to 8.70%. Earlier, six month MCLR was charged at 8.80%, which is now reduced to 8.65%.
  • 2019-07-23 : Corporation Bank launches special housing and vehicle loans mela
    Corporation Bank announces launch of special housing and vehicle loans mela as a part of its monsoon offer 2019. The loan mela was organised at Vijaywada, Lakshmipuram branch in the cty of Andhra Pradesh. The lender will offer housing loan at 8.6 per cent and vehicle loan at 8.85 per cent rate of interest.
  • 2019-06-20 : Corporation Bank cuts one-year MCLR by five bps to 8.85%
    Corporation Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for one-year tenor loan by 5 basis points to 8.85%. The move is supposed to make customer loans like home, auto, and personal loans cheaper. The six-month MCLR now stands at 8.80% as compared to 8.85% earlier. MCLR for other tenors has been kept unchanged. The revised rates are effective from June 15, 2019.
  • 2019-06-10 : Corporation Bank plans to raise Rs. 4,000 crore capital in two years
    Public sector lender, Corporation Bank is planning to raise capital of up to Rs. 4,000 crore over two years to augment its retail loan growth. The lender is planning to look at combinations of equity, tier I capital based on market conditions. The bank has said that it will use the raised funds to expand its loan book that includes home loans and business loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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