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Corporation Home Loan Interest Rates 2021

Corporation Bank Housing Loan Interest Rate

Last Updated 11th Feb 2021

Current Corporation Bank Home loan interest rates for Apr 2021 starts at 6.80% p.a. for a maximum tenure of 30 years. 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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Corporation Bank Home Loan Interest Rates

Corporation Bank offers various products on home loan. Corporation Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.


  • Corporation Bank Home Loan Interest Rate starts from 6.80%.
  • Corporation Bank charges a processing fees of Upto 0.50%, Maximum ₹ 50,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Corporation Bank is ₹ 652 per lakh offered at the lowest interest rate of 6.80% at the longest loan tenure of 30 years.
  • Corporation Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Corporation Bank has an average customer rating of 3.5/5.0 from customers who have taken a home loan from the bank.

Corporation Bank Home Loan Rate

Current 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%. The table below gives the interest rates on various housing finance schemes of Corporation Bank.

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

Corporation Bank Home Loan Charges

Corporation Bank Home Loan Processing Fee

The bank charges a minimum processing of ₹ 3,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Corporation Bank housing loan 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.

Corporation Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • 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 debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Corporation Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Corporation Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Corporation Bank Home Loan Interest Rate
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: ₹ 18,742 for 5 Years loan to ₹ 1,35,195 for 30 Years loan


What is Corporation Home Loan interest rate?

Corporation Home Loan interest rate ranges between 6.80% to 7.35%.

Why should I opt for balance transfer to Corporation Bank?

Corporation Bank offers competitive Home Loan rates with the best EMI of ₹ 652 per lakh availed at a low-interest rate of 6.80% for a maximum tenure of 30 years. If 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. EMIs can be calculated through Corporation Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Corporation Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Corporation Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Corporation Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

  • Corporation Bank offers RBI Repo Rate linked Home Loan which starts at 6.80%. Current Repo Rate of RBI is 4.00%. 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 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%, Maximum ₹ 50,000

Corporation Bank Home Loan Reviews 3.5/5  by 3 customers
MyLoanCare Service
Banks Service
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...

Corporation Bank Home Loan News - Apr 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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