Corporation Home Loan Interest Rate Calculator - Jan 2017

Corporation Bank Home Loan Interest Rates

Last Updated 16th Jan 2017
PM announces upto 4 percent subsidy on home loan. Read more
Interest Rate 8.85% - 9.10%
Check Special Offers
Lowest EMI Rs. 794 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 18 and Max 65 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan Online @8.60%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Corporation Bank Home Loan

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

Home Loan Corporation

Home loan interest rates offered by Corporation Bank depends upon MCLR.
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Corporation Bank offers home loan based on 1 Year MCLR rates which is currently 8.75%.
Corporation Bank home loan interest rate depends upon
  • Loan amount: Home loan rate in Corporation Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Corporation Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Corporation Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Corporation Bank allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - Corporation Bank asks for a processing fee of 0.50% of loan amount with applicable service tax

Corporation Home Loan EMI Calculator

    Home Loan EMI of Corporation Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Home Loan EMI calculator of Corporation Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Corporation Bank Home Loan EMI?
  • EMI calculator of Corporation Bank helps you to calculate your monthly EMI at different rate of interest
  • Corporation Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Corporation Home Loan Eligibility Calculator

Home Loan eligibility criteria Corporation Bank
Eligibility of House loan in Corporation Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. Corporation Bank offers Home loan to salaried at the age of 18 to 65 years and self employed individuals at 21 to 65 years
  • Income: In case of salaried person, Corporation Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Corporation Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Corporation Bank eligibility. If you are working with a reputed company, probability of getting home loan from Corporation Bank increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: Corporation Bank gives you Home loan depending upon your income. Corporation Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Eligibility Calculator.

    Corporation Bank Floating Rate Home Loans

    Corporation Bank Home Loan Floating
    Upto Rs. 2,500,000 - 8.85%
    Rs. 2,500,001 - 7,500,000 - 8.85%
    Rs. 7,500,001 - 20,000,000 - 8.85%
    Above Rs. 20,000,000 - 9.10% linked to 1 Year MCLR
    Corp Ghar Shobha
    Upto Rs. 2,500,000 - 9.25%
    Rs. 2,500,001 - 7,500,000 - 9.25%
    Rs. 7,500,001 - 20,000,000 - 9.25%
    Above Rs. 20,000,000 - 9.25% linked to 1 Year MCLR

    Corporation Bank Fixed Rate Home Loans

    Corporation Bank Home Loan Fixed
    Upto Rs. 2,500,000 - 11.85%
    Rs. 2,500,001 - 7,500,000 - 12.35%
    Rs. 7,500,001 - 20,000,000 - 12.35%
    Above Rs. 20,000,000 - 12.35% linked to 1 Year MCLR

    Corporation Bank Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to Corporation Bank?
    Corporation Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Corporation Bank
    You can avail additional top-up home loan from Corporation Bank, subject to your eligibility

    Housing Loan Corporation documents required

    Home Loan for Salaried employee Corporation Bank documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • 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

    Home Loan for Self-Employed Corporation Bank documents required

    • 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

    Frequently Asked Questions

    Why to take home loan from Corporation Bank?
    Corporation Bank offers home loan at lower rate of interest i.e. at 8.85% with the lowest EMI of Rs. 794 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Corporation 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 home 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 home loan with Nil charges.
    Can I transfer my home loan from another bank to Corporation Bank?
    Yes, Corporation Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Corporation Bank offers you to 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 home loan in Corporation Bank?
    The benchmark applicable for home loan in Corporation Bank is 1 Year MCLR.
    What is the effect of part payments on Corporation Bank housing loan EMI ?
    Part payments 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 interest rate on Corporation Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.75%. So, when Corporation Bank offers a home loan at 8.85%, it applies a premium of 0.1% to its MCLR Rate to arrive at this home loan interest rate.
    • When RBI increases interest 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.

    Corporation Bank Home Loan in India

    Corporation Bank Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
    Agra 1800-425-2407,
    Ahmedabad 1800-425-2407,
    Ambala 1800-425-2407,
    Anand 1800-425-2407,
    Aurangabad 1800-425-2407,
    Bangalore 1800-425-2407,
    Bhilai 1800-425-2407,
    Bhilwara 1800-425-2407,
    Bhiwadi 1800-425-2407,
    Bhopal 1800-425-2407,
    Bhubaneswar Cuttack 1800-425-2407,
    Bikaner 1800-425-2407,
    Chandigarh 1800-425-2407,
    Chennai 1800-425-2407,
    Cochin 1800-425-2407,
    Coimbatore 1800-425-2407,
    Dehradun 1800-425-2407,
    Delhi 1800-425-2407,
    Durg 1800-425-2407,
    Faridabad 1800-425-2407,
    Gandhinagar 1800-425-2407,
    Ghaziabad 1800-425-2407,
    Goa 1800-425-2407,
    Greater Noida 1800-425-2407,
    Gurgaon 1800-425-2407,
    Guwahati 1800-425-2407,
    Gwalior 1800-425-2407,
    Hyderabad 1800-425-2407,
    Indore 1800-425-2407,
    Jabalpur 1800-425-2407,
    Jaipur 1800-425-2407,
    Jalandhar 1800-425-2407,
    Jodhpur 1800-425-2407,
    Kanpur 1800-425-2407,
    Karnal 1800-425-2407,
    Kolhapur 1800-425-2407,
    Kolkata 1800-425-2407,
    Kota 1800-425-2407,
    Kozhikode 1800-425-2407,
    Lucknow 1800-425-2407,
    Ludhiana 1800-425-2407,
    Madurai 1800-425-2407,
    Meerut 1800-425-2407,
    Mehsana 1800-425-2407,
    Mohali Sas Nagar 1800-425-2407,
    Mumbai 1800-425-2407,
    Mussoorie 1800-425-2407,
    Nagpur 1800-425-2407,
    Nashik 1800-425-2407,
    Noida 1800-425-2407,
    Noida Extn. 1800-425-2407,
    Panipat 1800-425-2407,
    Patna 1800-425-2407,
    Pondicherry 1800-425-2407,
    Pune 1800-425-2407,
    Raipur 1800-425-2407,
    Rajkot 1800-425-2407,
    Ranchi 1800-425-2407,
    Rohtak 1800-425-2407,
    Roorkee 1800-425-2407,
    Salem 1800-425-2407,
    Shimla 1800-425-2407,
    Sonepat 1800-425-2407,
    Surat 1800-425-2407,
    Trichy 1800-425-2407,
    Udaipur 1800-425-2407,
    Vadodara 1800-425-2407,
    Varanasi 1800-425-2407,
    Vijaywada 1800-425-2407,
    Vizag 1800-425-2407,
Corporation Home Loan Interest Rate News - Jan 2017
07th Dec 16 Corporation Bank bags Best MSME Bank award
Corporation Bank has received Best MSME Bank award 2016. The award was instituted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) at SMEs Excellence Award 2016 held at New Delhi on 6th December, 2016. Banks in this category were evaluated on the basis of growth, technology, innovation, CSR activity, targets and quality in MSME sector.
10th Aug 16 Corporation Bank Q1 Net Profit down Rs. 168 cr
As per Q1 FY17 results, Corporation Bank has registered a drop of 82.41 per cent in net profit to Rs. 35.92 crore in the June quarter of FY17 from Rs. 204.26 crore in the corresponding period of previous fiscal. The gross and net NPAs as a percentage stood at 11.52 per cent and at 7.22 per cent, respectively, during the June quarter of FY17. The net interest income of Corporation Bank stood at Rs. 1031.16 crore in the June quarter of FY17 from Rs. 1080.72 crore in the same period of previous fiscal.
09th Feb 16 Corporation Bank launches two new term deposit schemes
Corporation Bank has launched two new term deposit schemes, namely super gain plus and power plus which offer higher rate of interest to depositors
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