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Corporation Bank Home Loan Balance Transfer

Home Loan Transfer to Corporation Bank

Last Updated 11th May 2021

Interest Rate6.80%
Processing FeeNil
Lowest EMI per lakh₹ 652
Loan Tenure30 years
  • Corporation Bank offers home loan balance transfer facility at low interest rates starting at 6.80% for a tenure of upto 30 years.
  • Transfer home loan to Corporation Bank to reduce EMIs and save more on interest.
  • Avail top up from Corporation Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Corporation Home Loan Transfer

Corporation, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Corporation Bank at lowest interest rates. To transfer your housing loan to Corporation Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Corporation.

Corporation Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Corporation Bank, compare and calculate all the costs of loan transfer. The table below mentions Corporation Bank home loan transfer interest rate and other home loan transfer charges of Corporation Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.50% and Maximum ₹ 50,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Corporation Bank Home Loan Transfer

To transfer your existing home loan to Corporation Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Corporation Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Corporation Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Corporation Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Corporation Bank will be completed.

Eligibility for Corporation Bank Home Loan Transfer

To transfer your home loan to Corporation Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for Corporation.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Corporation Bank.
  • You must be an Indian resident and fulfil the age criteria of Corporation Bank. The minimum & maximum age to avail a Corporation Bank home loan is 18 and 65 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Corporation Bank Home Loan Transfer

Here are key features of Corporation Bank Home Loan Transfer:

  • Lower Interest Rates: Corporation Bank offers lower home loan rates starting at 6.75% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Corporation Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Corporation Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Corporation Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Corporation Bank.

Document Required for Corporation Home Loan Transfer

To avail of home loan balance transfer from Corporation, you need to submit the following documents to Corporation.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Corporation?

Yes, transferring your home loan to Corporation Bank is a good idea for home loan borrowers as Corporation Bank provides lower home loan rates starting at 6.80%.

How can I transfer my Corporation home loan from one branch to another?

To transfer your Corporation Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Corporation Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for Corporation home loan balance transfer?

Yes, Corporation Bank charges home loan transfer fees such as for Corporation Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a Corporation home loan balance transfer?

If you apply for a home loan transfer to Corporation Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Corporation Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Corporation Bank home loan balance transfer?

To know your Corporation Bank home loan status, you can call Corporation Bank home loan customer care number or visit Corporation official website to check the status.


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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.
*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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