Corporation Home Loan Interest Rate

Last Updated 20th Feb 2018

Corporation Bank Home Loan Rate Feb 2018

Corporation Bank's home loan interest rate starts from 8.85%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountCorporation Bank Home Loan Floating Interest RateRate for Female BorrowerRate
Upto Rs. 25 Lakh8.85%N/AN/A
Rs. 25 Lakh - 75 Lakh8.85%N/AN/A
Rs. 75 Lakh - 2 Cr8.85%N/AN/A
Above Rs. 2 Cr9.10%N/AN/A
Apply Home Loan @ 8.30%*

Corporation Bank Home Loan

Corporation Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

    Corporation Home Loan Details
    Interest Rate8.85% onwards
    Processing Fee Upto 0.50%
    Maximum Rs. 50,000
    Max Tenure30 years
    Lowest EMIRs. 794 per lakh
    Prepayment ChargesAllowed with Nil charges for floating rate loans
    AgeMin 18 and Max 65 years for Salaried
    Min 21 and Max 65 years for Self Employed

    Home Loan Interest Rates Corporation Bank

    Corporation Bank home loan interest rates are in the range of 8.85% to 9.10%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.85%.

    Corporation Bank Home Loan Interest Rates

    Home Loan Corporation Bank Interest Rates
    Corporation Bank Home Loan Floating8.85% - 9.10%
    Corp Ghar Shobha9.25%

    Corporation Bank Fixed Rate Home Loans

    Home Loan Corporation Bank Interest Rates
    Corporation Bank Home Loan Fixed11.85% - 12.35%

    Corporation Home Loan Interest Rate Cut

    After the recent home loan rate change, new Corporation Bank home loan rate is in the range of 8.85% to 9.10% as announced after a change in 1 Year MCLR rates as announce on 15th Feb 18. Any change in Corporation Bank benchmark 1 Year MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if Corporation Bank 1 Year MCLR rate is cut by 0.15%, its current home loan rate will cut from 8.85% to 8.7%

    Corporation Bank home loan interest depends upon
    • Loan amount: Housing loan rate in Corporation Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Corporation Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
    • Existing bank customers: Corporation Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

    Corporation Bank Home Loan Charges

    In addition to interest rates, home loan from Corporation Bank also carry some other charges which include:

    • Processing Fee - Corporation Bank charges 0.50% processing fees to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
    • Technical and Legal Charges - Corporation Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Corporation Bank rules.
    • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Corporation Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Corporation Bank at Nil charges.

    Corporation Housing Loan Details

    • Purpose of Loan: Corporation house loan is taken to purchase, construct a home, renovate your existing home.
    • Key Features
      • Loan available for both salaried and self employed. Special rates for women borrowers.
      • Borrowers within the age group of 18 and 65 years.
      • Security: Mortgage of property you are planning to purchase, renovate or construct.
      • Loan to Value Ratio of 90%.
      • Loan Tenure can range from 5 to 30 years.
      • Interest rates in the range of 8.85% to 9.10%.
      • Lowest EMI of Rs. 794 per lakh
    • Processing Fees: 0.50% of loan amount Maximum Rs. 50,000
    • Special schemes: Corporation offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of Corporation are:
      • Corp Home Loan
      • Corp Ghar Shobha
      • Corp Shelter
      • Corp Ghar Sansar
    Illustration on Home Loan Corporation Bank
    Maximum Annual Percentage Rate (APR)8.85% to 9.1%
    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: Rs. 1 Lakh
    • Time period: 5 years to 30 years
    • Corporation Bank Home Loan Interest Rate: 8.85% to 9.10%
    • Processing Fee payable to Corporation Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.50%
      Maximum Rs. 50,000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 794 for a 30 years Rs. 1 Lakh loan at 8.85% (lowest rate, longest time period) to Rs. 2,081 for a 5 years Rs. 1 Lakh loan at 9.10% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 8.85% to 9.1%
    • Total cost payable over loan tenure: Rs. 34,841 for 5 years loan to Rs. 1.96 Lakh for 30 years loan

    Corporation Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Corporation Bank.

    Frequently Asked Questions

    What is Corporation Bank home loan procedure?

    You can apply for a Corporation Bank home loan by contacting the bank directly or by applying through online marketplaces like Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    Why should I opt for balance transfer to Corporation Bank?

    Corporation Bank offers competitive home loan rates which best EMI of Rs. 794 per lakh availed at low interest rate of 8.85% for a maximum tenure of 30 years. If you are paying an EMI more than Rs. 794 per lakh, you should consider option for a loan transfer to Corporation Bank from your existing bank.

    What is the maximum loan tenure I can opt under Corporation Bank house loan?

    Corporation Bank offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from Corporation Bank?

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

    Can I foreclosure my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to Corporation Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Availing loan transfer to Corporation Bank can allow you to save interest, pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in Corporation Bank is 1 Year MCLR.

    What is the effect of part prepayments on Corporation Bank housing loan 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 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 loan.

    How will interest rate on Corporation Bank housing loan change in future?
    • Floating rate on Corporation Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.65%. When Bank offers a home loan at 8.85%, it applies a premium of 0.2% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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