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Corporation Home Loan Interest Rates 2021

Corporation Bank Housing Loan Interest Rate -Today

Last Updated 16th Jul 2021

Current Corporation Bank Home Loan interest rates Jul 2021 starts at 6.80% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Maximum ₹ 50,000. Corporation Bank offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountCorporation Bank Repo Rate Home Loan RateRate for Female Borrower
Upto ₹ 25 Lakh6.85%6.80%
₹ 25 Lakh - ₹ 75 Lakh6.95%6.90%
₹ 75 Lakh - ₹ 2 Cr6.95%6.90%
Above ₹ 2 Cr6.95%6.90%

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.

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Current Corporation Bank Home Loan Rate

Today Corporation Bank home loan interest rates are in the range of 6.80% to 7.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.80%.

Below-mentioned are Corporation Bank home loan rates for multiple housing schemes.

Corporation Bank Home Loan Scheme Interest Rates
Corporation Bank Repo Rate Home Loan6.80% - 7.35%

Corporation Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Corporation for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate Rate for women Borrowers
Upto ₹ 25 Lakh 6.85% 6.80%
₹ 25 Lakh - ₹ 75 Lakh 6.95% 6.90%
₹ 75 Lakh - 2 Cr 6.95% 6.90%
Above ₹ 2 Cr 6.95% 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate Rate for women Borrowers
Upto ₹ 25 Lakh 6.90% 6.85%
₹ 25 Lakh - ₹ 75 Lakh 7.00% 6.95%
₹ 75 Lakh - 2 Cr 7.00% 6.95%
Above ₹ 2 Cr 7.00% 7.00%

Corporation Bank Home Loan Processing Fee and Other Charges

Corporation Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Corporation Bank charges the maximum processing fees at ₹ 50,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; maximum fee of ₹ 50,000
Foreclosure Charges Nil for floating rate home loans

Corporation Home Loan Balance Transfer Interest Rates

Corporation Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Corporation Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Corporation Bank offers the lowest home loan balance transfer rate of 6.80%.

Illustration on Home Loan Interest Rate Corporation Bank
Maximum Annual Percentage Rate (APR) 6.82% to 7.37%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • Corporation Bank Home Loan Interest Rate: 6.80% to 7.35%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 652 for 30 Years ₹ 1,00,000 loan at 6.80% (lowest rate, longest time period) to ₹ 1,997 for 5 Years ₹ 1,00,000 loan at 7.35% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.82% to 7.37%
  • Total cost payable over loan tenure: ₹ 1,18,742 for 5 Years loan to ₹ 2,35,195 for 30 Years loan

FAQs

What is Corporation Home Loan Interest Rate?

Corporation Home Loan interest rate ranges between 6.80% to 7.35%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Corporation reduced home loan rates?

Presently, Corporation offers personal loans at an interest rate starting at 6.80%. There has been no change in personal loan rates of Corporation for a long time and continue to stand at 6.80%.

Why should I opt for balance transfer to Corporation Bank?

Corporation Bank offers lowest Home Loan EMI of ₹ 652 per lakh availed at the lowest interest rate 6.80% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 652 per lakh, you should consider the option for a loan transfer to Corporation Bank from your existing bank.

  • Corporation Bank offers RBI Repo Rate linked Home Loan which starts at 6.80%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Corporation Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.8% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Corporation Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Corporation Bank Repo Rate linked Home Loan rate will cut from 6.80% to 6.65%.

What is the current Corporation Bank Home Loan rate?

The current Corporation Home Loan rate starts from 6.80% with a processing fee of Upto 0.50%, and Maximum ₹ 50,000.Corporation housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Corporation offers different home loan rates for different home loan products.

Can Corporation Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Corporation to lower the home loan rates.

What are the interest rates of home improvement loans in Corporation?

You can avail of Corporation home loans for home improvement at regular home loan rates starting at 6.65%.

Can Corporation revise the home loan interest rates for their existing customers?

Corporation home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does Corporation offer a concessional home loan interest rate for women?

Yes, Corporation offers special home loan interest rates for women. As against Corporation home loan rates for male which is 6.85%, the home loan interest rate for women starts at 6.80%.

What is the Corporation home loan rate of ₹ 25 Lakh for 15 years?

Corporation home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Corporation provides home loan interest rate starting at 6.65%.

At what interest rate does an Corporation employee get a home loan?

Corporation offers concessional home loan rates of about 1% than the current home loan rates to Corporation employees.

Is Corporation Bank home loan a floating rate loan or fixed-rate loan?

Corporation home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


Corporation Bank Home Loan Reviews 3.5/5  by 3 customers
MyLoanCare Service
3.7/5.0
Banks Service
3.3/5.0
Manoj Darji, Mumbai
Reviewed on 05th Apr 2017
5 / 5 stars
Corporation Bank Home Loan Availed in Mar-17

I Mr. Manoj kantibhai Darji, just done a Balance Transfer of my home loan from Corportion bank ThaneRead more...

Vibha Patil, Pune
Reviewed on 12th May 2015
2.5 / 5 stars
Corporation Bank Home Loan Availed in Apr-17

My experience has been average. The rate of interest higher than other private sector banks and procRead more...

Manish Sarvankar, Noida
Reviewed on 26th Nov 2014
3 / 5 stars
Corporation Bank Home Loan Availed in Oct-17

When I approached Corporation Bank for loan, the branch manager was prompt in explaining the loan anRead more...

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Corporation Bank Home Loan News - Jul 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 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.
*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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