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Corporation Home Loan EMI Calculator

Corporation Home Loan Calculator

Last Updated 11th May 2021

  • Corporation Bank home loan EMI per ₹ 1 Lakh is ₹ 652, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in Corporation Bank is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for Corporation Bank home loan before applying. Use an online Corporation Bank loan EMI calculator to estimate your EMI.
  • Check Corporation Bank home loan EMI for different tenures at the current Corporation Bank home loan interest rate of 6.80%
  • Loan Amount10 Year Loan15 Year loan30 Year loan
    ₹ 10 Lakh₹ 11,508₹ 8,877₹ 6,519
    ₹ 20 Lakh₹ 23,016₹ 17,754₹ 13,039
    ₹ 30 Lakh₹ 34,524₹ 26,631₹ 19,558
    ₹ 50 Lakh₹ 57,540₹ 44,384₹ 32,596

    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.

    Jump to EMI Calculator

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Corporation Home Loan EMI Calculator Online

Corporation Bank Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your Corporation Bank housing loan EMI in advance to plan your loan payments and expenses using a Corporation Bank home loan calculator. Corporation Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why should you use Corporation Bank Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: Corporation Bank offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for Corporation Bank home loan.
  • Compare Corporation Bank Home Loan EMI: With Corporation Bank home loan EMI Calculator, you can also estimate EMI on your home loan from Corporation Bank with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

Corporation Bank Home Loan EMI Calculator to estimate the EMI that fits your budget

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on Corporation Bank Home Loan EMI calculator. The below-mentioned table shows the calculation of Corporation Bank Home Loan at the various combinations of loan amount and years at the lowest rate of 6.80%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right Corporation Bank Home loan plan for you.

Corporation Bank home loan EMI is calculated for different loan amounts and tenures at 6.80% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 22,192 ₹ 19,083 ₹ 16,298
₹ 50 Lakh ₹ 44,384 ₹ 38,167 ₹ 32,596
₹ 75 Lakh ₹ 66,576 ₹ 57,250 ₹ 48,894
₹ 1 Cr ₹ 88,768 ₹ 76,334 ₹ 65,193

Benefits of using Corporation Bank Home Loan EMI Calculator

Corporation Bank Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using Corporation Bank Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare Corporation Bank Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting Corporation Bank Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI Corporation Bank gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 5,00,00,000.

Interest Rate

Higher interest rate increases your Corporation Bank housing loan EMI which will increase the total cost of the loan. Corporation Bank current home loan interest rate starts at 6.80%. Do a complete market research and compare rates and calculate EMI online using Corporation Bank home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in Corporation Bank. Your EMI will be lower if you take a 0 years loan from Corporation Bank as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

Corporation Home Loan EMI Calculator Formula

Corporation Home Loan Calculator calculates EMI based on the following formula.

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Corporation Bank Home Loan EMI calculator formulates EMI:

In above formula,

  • P = Loan amount. Corporation Bank home loan amount can range from ₹ 15,00,000 to ₹ 5,00,00,000
  • r = Rate of interest per month. Current Corporation Bank housing loan rate 6.80%.
  • n = tenure in month. For Corporation Bank, maximum home loan tenure is 360 months

Comparison of Corporation Bank Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Corporation Bank 6.80% ₹ 6,519 ₹ 19,558 ₹ 32,596
HDFC 6.75% ₹ 6,486 ₹ 19,458 ₹ 32,430
ICICI Bank 6.75% ₹ 6,486 ₹ 19,458 ₹ 32,430
SBI 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
LIC Housing Finance 6.90% ₹ 6,586 ₹ 19,758 ₹ 32,930
Axis Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264

Corporation Bank Home Loan Amortization Calculator

Corporation Bank Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Corporation Bank gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 25 Lakh for 25 years from Corporation Bank at an interest rate of 6.80%. EMI calculated for this loan amount is ₹ 17,352 and the total annual EMIs to be paid annually is ₹ 2,08,222. The EMI schedule of loan for 25 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 25 Lakh over the 25 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 98,784 ₹ 22,679 ₹ 1,21,463 ₹ 24,77,321
2022 ₹ 1,67,195 ₹ 41,027 ₹ 2,08,222 ₹ 24,36,295
2023 ₹ 1,64,316 ₹ 43,905 ₹ 2,08,222 ₹ 23,92,389
2024 ₹ 1,61,236 ₹ 46,986 ₹ 2,08,222 ₹ 23,45,404
2025 ₹ 1,57,940 ₹ 50,282 ₹ 2,08,222 ₹ 22,95,122
2026 ₹ 1,54,412 ₹ 53,810 ₹ 2,08,222 ₹ 22,41,312
2027 ₹ 1,50,636 ₹ 57,585 ₹ 2,08,222 ₹ 21,83,727
2028 ₹ 1,46,596 ₹ 61,625 ₹ 2,08,222 ₹ 21,22,101
2029 ₹ 1,42,273 ₹ 65,949 ₹ 2,08,222 ₹ 20,56,152
2030 ₹ 1,37,646 ₹ 70,576 ₹ 2,08,222 ₹ 19,85,576
2031 ₹ 1,32,694 ₹ 75,528 ₹ 2,08,222 ₹ 19,10,049
2032 ₹ 1,27,395 ₹ 80,827 ₹ 2,08,222 ₹ 18,29,222
2033 ₹ 1,21,724 ₹ 86,497 ₹ 2,08,222 ₹ 17,42,725
2034 ₹ 1,15,656 ₹ 92,566 ₹ 2,08,222 ₹ 16,50,159
2035 ₹ 1,09,161 ₹ 99,060 ₹ 2,08,222 ₹ 15,51,098
2036 ₹ 1,02,211 ₹ 1,06,010 ₹ 2,08,222 ₹ 14,45,088
2037 ₹ 94,773 ₹ 1,13,448 ₹ 2,08,222 ₹ 13,31,640
2038 ₹ 86,814 ₹ 1,21,408 ₹ 2,08,222 ₹ 12,10,232
2039 ₹ 78,296 ₹ 1,29,926 ₹ 2,08,222 ₹ 10,80,306
2040 ₹ 69,180 ₹ 1,39,041 ₹ 2,08,222 ₹ 9,41,265
2041 ₹ 59,425 ₹ 1,48,796 ₹ 2,08,222 ₹ 7,92,469
2042 ₹ 48,986 ₹ 1,59,236 ₹ 2,08,222 ₹ 6,33,233
2043 ₹ 37,814 ₹ 1,70,408 ₹ 2,08,222 ₹ 4,62,825
2044 ₹ 25,858 ₹ 1,82,364 ₹ 2,08,222 ₹ 2,80,462
2045 ₹ 13,063 ₹ 1,95,158 ₹ 2,08,222 ₹ 85,303
2046 ₹ 1,456 ₹ 85,303 ₹ 86,759 ₹ 0

In the above illustration, on a Corporation Bank Home Loan of₹ 25 Lakh, taken at the lowest interest rate of 6.80, EMI paid is ₹ 17,352 and an annual total of EMIs is ₹ 2,08,222, the interest component is ₹ 1,68,786 while the principal component is ₹ 39,436 in year 1 of loan disbursement. You repay only 1.58% of the total principal after paying 12 EMIs during the first year.

Corporation Bank Home Loan EMI for ₹ 10 Lakh

The following table shows Corporation Bank Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 6.80%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 6.80% 5 Years ₹ 19,707
₹ 10,00,000 6.80% 10 Years ₹ 11,508
₹ 10,00,000 6.80% 15 Years ₹ 8,877
₹ 10,00,000 6.80% 20 Years ₹ 7,633
₹ 10,00,000 6.80% 0 Years

Corporation Bank Home Loan EMI for ₹ 20 Lakh

The following table shows Corporation Bank Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 6.80%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 6.80% 5 Years ₹ 39,414
₹ 20,00,000 6.80% 10 Years ₹ 23,016
₹ 20,00,000 6.80% 15 Years ₹ 17,754
₹ 20,00,000 6.80% 20 Years ₹ 15,267
₹ 20,00,000 6.80% 0 Years

Corporation Bank Home Loan EMI for ₹ 30 Lakh

The following table shows Corporation Bank Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 6.80%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 6.80% 5 Years ₹ 59,121
₹ 30,00,000 6.80% 10 Years ₹ 34,524
₹ 30,00,000 6.80% 15 Years ₹ 26,631
₹ 30,00,000 6.80% 20 Years ₹ 22,900
₹ 30,00,000 6.80% 0 Years

Corporation Bank Home Loan EMI for ₹ 50 Lakh

The following table shows Corporation Bank Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 6.80%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 6.80% 5 Years ₹ 98,535
₹ 50,00,000 6.80% 10 Years ₹ 57,540
₹ 50,00,000 6.80% 15 Years ₹ 44,384
₹ 50,00,000 6.80% 20 Years ₹ 38,167
₹ 50,00,000 6.80% 0 Years

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FAQs

Will the Corporation Bank home loan EMI remain constant or change in future?

No, your Corporation Bank Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the Corporation Bank Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in Corporation Bank interest rate?

Corporation Bank offers floating rate home loans only. If you take a floating rate loan from Corporation Bank, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your Corporation Bank home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will Corporation Bank home loan EMI change in case of prepayment?

Corporation Bank allows prepayment at nil charges in case of floating rate home loans. When you make a prepayment, the outstanding balance of the principal amount on your Corporation Bank home loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure the same (that is paying a lesser amount every month). It is beneficial to keep the Corporation Bank home loan EMI constant and reduce the loan tenure as you pay less interest to the bank in this option. After prepayment, you can calculate your home loan EMI using Corporation Bank home loan calculator.

Why should I calculate Corporation Bank loan EMI before taking a loan?

It is advised to calculate Corporation Bank home loan EMI before taking a home loan. There are several benefits of calculating your Corporation Bank housing loan EMI which can be done using Corporation Bank loan calculator Corporation Bank housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make Corporation Bank EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator Corporation Bank.

What is the EMI for home loan in Corporation Bank?

The Corporation Bank EMI will vary based on loan amount, tenure, rate of interest and can be calculated using Corporation Bank home loan calculator. Based on the lowest rate of 6.80% and maximum tenure of 30 years, the Corporation Bank home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 6,519
₹ 12 Lakh ₹ 7,823
₹ 15 Lakh ₹ 9,779
₹ 30 Lakh ₹ 19,558
₹ 50 Lakh ₹ 32,596

You can compare Corporation Bank home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a Corporation Bank Housing Loan EMI calculator?

Online Corporation Bank housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The Corporation Bank home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your Corporation Bank Home loan EMI Online?

To pay the EMI of Corporation Bank home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is Corporation Bank home loan EMI calculated?

The Corporation Bank Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 Lakh home loan in Corporation Bank?

You can use a 10 lakh home loan emi calculator Corporation Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 6.80% 10 years loan ₹ 11,508
₹ 10 Lakh 6.80% 15 years loan ₹ 8,877
₹ 10 Lakh 6.80% 20 years loan ₹ 7,633

What is the EMI for ₹ 20 Lakh home loan in Corporation Bank?

You can use a 20 lakh home loan emi calculator Corporation Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 6.80% 10 years loan ₹ 23,016
₹ 20 Lakh 6.80% 15 years loan ₹ 17,754
₹ 20 Lakh 6.80% 20 years loan ₹ 15,267

What is the EMI for ₹ 30 Lakh home loan in Corporation Bank?

You can use a 30 lakh home loan emi calculator Corporation Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 6.80% 10 years loan ₹ 34,524
₹ 30 Lakh 6.80% 15 years loan ₹ 26,631
₹ 30 Lakh 6.80% 20 years loan ₹ 22,900

What is the EMI for ₹ 50 Lakh home loan in Corporation Bank?

You can use a 50 lakh home loan emi calculator Corporation Bank, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 6.80% 10 years loan ₹ 57,540
₹ 50 Lakh 6.80% 15 years loan ₹ 44,384
₹ 50 Lakh 6.80% 20 years loan ₹ 38,167

What is the EMI for a 25 lakhs home loan in Corporation Bank and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator Corporation Bank:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 6.80% 10 years loan ₹ 28,770
₹ 25 Lakh 6.80% 15 years loan ₹ 22,192
₹ 25 Lakh 6.80% 20 years loan ₹ 19,083

What is the EMI for 12 lakhs home loan in Corporation Bank?

A borrower will pay ₹ 12,213 if he/she takes a loan for 12 years at an interest rate of 6.80%. The 12 lakh home loan emi Corporation Bank may vary across Corporation Bank home loan interest rate.

Compare Home Loan EMI of All Banks


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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.
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