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Corporation Loan Against Property EMI Calculator

Corporation Bank Mortgage Loan EMI 2021

Last Updated 16th Jul 2021

Get monthly EMI as low as ₹ 1,397 per lakh on Corporation Bank loan against property. Mortgage loan EMI in Corporation Bank depends upon the type of property (residential, commercial, industrial), occupation (businessmen, self employed, salaried), loan amount, loan tenure and interest rate. Check Best Offers.

  • Use Corporation Bank mortgage loan calculator to evaluate your EMI before applying for a loan.
  • Check Corporation Bank property loan EMI for different tenures at the current rate of 11.35%
Loan Amount5 Year Loan7 Year loan10 Year loan
₹ 10 Lakh₹ 21,917₹ 17,307₹ 13,974
₹ 25 Lakh₹ 54,793₹ 43,268₹ 34,935
₹ 40 Lakh₹ 87,670₹ 69,228₹ 55,895

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 Loan Against Property.

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Loan Against Property EMI Calculator Corporation Bank

You can calculate your Corporation Bank loan against property EMI in advance to plan your expenses using a Corporation Bank mortgage loan calculator. Corporation Bank loan against property EMI calculator is an online tool that gives accurate results without hassle.

Why should you use Corporation Bank Loan Against Property EMI Calculator?

  • Calculate the EMI at Different Tenures : With Corporation Bank LAP EMI Calculator, you can compare the EMI on your loan against property with different loan tenures and loan amount. However, you must check the interest rate on Corporation Bank loan against property to calculate the EMI. As per the current rates, Corporation Bank offers the lowest EMI per lakh of ₹ 1,397 at 11.35 %
  • Compare Corporation Bank LAP EMI : You can also get a precise estimate on your loan against property compared to other banks at the same loan amount and tenure by using Corporation Bank loan EMI Calculator. On the basis of Corporation Bank Loan against property EMI, you can choose the most affordable offer.
  • Get Detailed Amortisation Schedule : Corporation Bank Loan against EMI Calculator helps you to calculate the division of total EMIs into interest and principal repayment at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance : Finally, you can also use Corporation Bank EMI Calculator to calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. Thus, it can help you reduce your loan tenure by prepayment or foreclosure or to avail loan at a lower rate with balance trasnfer.

Corporation Bank Mortgage Loan EMI Calculator to estimate the EMI that fits your budget

To calculate the EMI against Corporation Bank EMI loan against property at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on the Corporation Bank Loan against property EMI calculator. The table below shows the Corporation Bank EMI calculation at the various combinations of loan amount and years at the lowest rate of 11.35%.

Corporation Bank Loan against property EMI is calculated for different loan amounts and tenures at 11.35% interest rate

Loan Tenure
Loan Amount (Rs.)10 years15 years20 years
EMI on ₹ 15,00,000 ₹ 20,961 ₹ 17,380 ₹ 15,842
EMI on ₹ 25,00,000 ₹ 34,935 ₹ 28,967 ₹ 26,403
EMI on ₹ 40,00,000 ₹ 55,895 ₹ 46,347 ₹ 42,245
EMI on ₹ 60,00,000 ₹ 83,843 ₹ 69,520 ₹ 63,367

Factors Affecting Corporation Bank Property Loan EMI

You can calculate Corporation Bank EMI for your loan against property using an online LAP EMI Calculator, which considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI on loan against property. You can avail of Corporation Bank loan against property for an amount ranging between ₹ 2,00,000 to ₹ 5,00,00,000.

Interest Rate

A higher interest rate increases your Corporation Bank loan against property EMI, increasing the total cost of the loan. As per the current rates, Corporation Bank provides loan against property at rates starting at 11.35%. Before applying for a loan, you must compare LAP rates and calculate EMI online using Corporation Bank loan against property loan calculator.

Loan Tenure

Your EMI will be lower if you avail mortgage loan for a maximum tenure of 10 years, and similarly, you will have to pay a higher EMI if your tenure is shorter.

Comparison of Corporation Bank Loan Against Property EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
Corporation Bank 11.35% ₹ 13,974 ₹ 41,922 ₹ 69,869
Corporation Bank 11.35% ₹ 13,974 ₹ 41,922 ₹ 69,869
Piramal Housing Finance 11.50% ₹ 10,664 ₹ 31,993 ₹ 53,321
IDFC First Bank 11.80% ₹ 11,873 ₹ 35,620 ₹ 59,367
Central Bank of India 13.75% ₹ 15,377 ₹ 46,130 ₹ 76,883
Allahabad Bank 14.15% ₹ 16,422 ₹ 49,265 ₹ 82,108

Corporation Loan Against Property Amortization Calculator

The amortization schedule breaks the month-wise calculation of principal and interest amount you will be paying in the form of your EMIs. In simple words, with each month’s EMI, the share of interest and the principal amount keeps changing, while the former keeps on reducing the later keep on increasing. That’s why if you decide to prepay your loan in the first few years you will find out that you have paid a very small proportion of the principal sum. Let us understand this better with the help of an illustration.

Illustration: How to read an amortization schedule

Suppose you borrow a Loan Against Property of ₹ 20 Lakh from Corporation for 10 years at an interest rate of 11.35%, the EMI calculated for this loan amount would be ₹ 27,948 and the total annual EMIs to be paid annually is ₹ 3,35,373. The Corporation Loan Against Property EMI schedule for 10 years is explained below in the table –

Amortization Schedule for a Loan Against Property of ₹ 20 Lakh over the 10 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 1,12,202 ₹ 55,484 ₹ 1,67,686 ₹ 19,44,516
2022 ₹ 2,14,545 ₹ 1,20,828 ₹ 3,35,373 ₹ 18,23,689
2023 ₹ 2,00,095 ₹ 1,35,278 ₹ 3,35,373 ₹ 16,88,411
2024 ₹ 1,83,916 ₹ 1,51,456 ₹ 3,35,373 ₹ 15,36,954
2025 ₹ 1,65,803 ₹ 1,69,570 ₹ 3,35,373 ₹ 13,67,385
2026 ₹ 1,45,523 ₹ 1,89,849 ₹ 3,35,373 ₹ 11,77,535
2027 ₹ 1,22,818 ₹ 2,12,554 ₹ 3,35,373 ₹ 9,64,981
2028 ₹ 97,398 ₹ 2,37,975 ₹ 3,35,373 ₹ 7,27,007
2029 ₹ 68,938 ₹ 2,66,435 ₹ 3,35,373 ₹ 4,60,572
2030 ₹ 37,074 ₹ 2,98,299 ₹ 3,35,373 ₹ 1,62,272
2031 ₹ 5,414 ₹ 1,62,272 ₹ 1,67,686 ₹ 0

Each Corporation Loan Against Property EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

As you assess the amortization table, you will find that by the end of 1st year 34.05% of your EMI has been used to repay the principal amount. This means that the remaining 65.95% of the EMI went into interest payment. Thus, you end up paying only 5.71% of the loan amount of ₹ 20 Lakh after paying 12 EMIs in the first year to Corporation.

In year 10, the interest component of Corporation EMI is around 5.89%, while the principal component is around 94.11%. Upto 10 years, you have cumulatively repaid 100% of your total Corporation Loan Against Property.

Corporation Bank Loan Against Property EMI for ₹ 10 Lakh

The following table shows EMI on Corporation Bank loan against property for ₹ 10,00,000 for different tenures at an interest rate of 11.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 11.35% 5 Years ₹ 21,917
₹ 10,00,000 11.35% 10 Years ₹ 13,974
₹ 10,00,000 11.35% 12 Years ₹ 12,744
₹ 10,00,000 11.35% 10 Years ₹ 13,974

Corporation Bank Loan Against Property EMI for ₹ 25 Lakh

The following table shows Corporation Bank loan against property EMI for ₹ 25,00,000 for different tenures at an interest rate of 11.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 25,00,000 11.35% 5 Years ₹ 54,793
₹ 25,00,000 11.35% 10 Years ₹ 34,935
₹ 25,00,000 11.35% 12 Years ₹ 31,859
₹ 25,00,000 11.35% 10 Years ₹ 34,935

Corporation Bank Mortgage Loan EMI for ₹ 30 Lakh

The following table shows Corporation Bank loan against property EMI for ₹ 30,00,000 for different tenures at an interest rate of 11.35%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 11.35% 5 Years ₹ 65,752
₹ 30,00,000 11.35% 10 Years ₹ 41,922
₹ 30,00,000 11.35% 12 Years ₹ 38,231
₹ 30,00,000 11.35% 10 Years ₹ 41,922

FAQs

Will the Corporation Bank Loan Against Property EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Corporation Bank Loan against property may change as per the borrower’s financial ability or in case of floating rate of interests offered by the lender. The consequences of the change in Corporation Bank LAP EMI are listed as follows:

  • Typically, the Loan Against Property EMI remains unchanged unless the customer requests for a change and the same is approved by Corporation Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).
  • In case the floating rate of interest on your loan increases, Corporation Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case, the interest rates increase to the extent that the revised loan tenure is more than the maximum permissible by Corporation Bank, the bank may increase your EMI amount.

Will Corporation Bank Loan Against Property EMI change in case of prepayment?

Similar to all loans, Corporation Bank Loan against property also offers the prepayment facility to the loan borrowers. Prepayment of loan leads to certain changes as listed below:

  • When you make a prepayment, the outstanding principal amount on your property loan reduces. You may choose to either keep the EMI the same and reduce the loan tenure (enabling you to pay off the loan faster) or reduce the EMI and keep the loan tenure unchanged (thus paying a lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
  • Note that Corporation Bank may levy prepayment charges except on floating rate property loans sanctioned to individuals.

How does EMI calculator calculate Corporation Bank Loan Against Property EMI?

Corporation Bank Loan against property emi calculator is a reliable and time-saving tool to calculate the LAP EMI. It functions as follows:

  • EMI is calculated using a combination of the loan amount, loan tenure and interest rate.
  • Corporation Bank mortgage loan calculator calculates EMI on a reducing balance basis and assuming payment of EMI in arrears (that is interest is charged for the month preceding the date of EMI payment on EMI date) and not in advance.

How much loan can I get against my property from Corporation Bank?

You can avail of a maximum loan of ₹ 5,00,00,000, depending on the value of the property. However, the loan amount cannot be more than 50% of the property value. Corporation Bank assesses the property before approving your mortgage loan application.

How to pay your Corporation Bank Mortgage loan EMI Online?

You can pay the Corporation Bank mortgage loan EMI by logging in to your net banking account as provided when availing of the loan using your savings account or debit/credit card. You can also visit the Corporation Bank branch to submit the cheque of your EMI.

What is the EMI for ₹ 10 Lakh mortgage loan in Corporation Bank?

To determine different EMI for different tenures, you can use a 10 lakh loan against property EMI Calculator. Consider this example for a better understanding.

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 11.35% 5 years ₹ 21,917
₹ 10 Lakh 11.35% 10 years ₹ 13,974
₹ 10 Lakh 11.35% 12 years ₹ 12,744
₹ 10 Lakh 11.35% 10 years ₹ 13,974

How is Corporation Bank loan against property EMI calculated?

You can calculate Corporation Bank LAP EMI using the mathematical formula mentioned below or using an online Corporation Bank LAP EMI Calculator.

  • E = [P x R x (1+R)^N]/[(1+R)^N-1] where
  • ‘E’ means Equated monthly instalments
  • ‘P’ means the principal amount
  • ‘N’ is the number of monthly instalments
  • ‘R’ is the interest rate per month.

What is the EMI for ₹ 20 Lakh Loan against property in Corporation Bank?

To determine different Loan against property EMI Corporation Bank for different tenures, you can use a 20 lakh loan against property Calculator, as reflected in the table below:

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 11.35% 5 years ₹ 43,835
₹ 20 Lakh 11.35% 10 years ₹ 27,948
₹ 20 Lakh 11.35% 12 years ₹ 25,487
₹ 20 Lakh 11.35% 10 years ₹ 27,948

What is the EMI for ₹ 30 Lakh mortgage loan in Corporation Bank?

To determine different Corporation Bank EMI for different tenures, you can use a 30 lakh loan against property EMI Calculator.

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 11.35% 5 years ₹ 65,752
₹ 30 Lakh 11.35% 10 years ₹ 41,922
₹ 30 Lakh 11.35% 12 years ₹ 38,231
₹ 30 Lakh 11.35% 10 years ₹ 41,922

What is the EMI for ₹ 50 Lakh mortgage loan in Corporation Bank?

To estimate Corporation Bank EMI for different loans against property tenures, you can use a 50 lakh mortgage Calculator. The results are mentioned as follows:

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 11.35% 5 years ₹ 1,09,587
₹ 50 Lakh 11.35% 10 years ₹ 69,869
₹ 50 Lakh 11.35% 12 years ₹ 63,718
₹ 50 Lakh 11.35% 10 years ₹ 69,869


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Corporation Loan Against Property 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 loan against property.
  • 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%.
  • 2019-05-21 : Corporation Bank revises MCLR rates across loan tenure
    Corporation Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and one month, the rate stands at 8.05% and 8.20% respectively. For 3 months, the rate has been revised to 8.50%. While for 1 year the rate now stands at 8.90%. The revised rates are effective from May 15, 2019.
  • 2019-04-16 : Corporation Bank revises MCLR rates across all tenure
    Corporation Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors for the month of April. The move is supposed to make home loans and mortgage loans cheaper. Now for overnight, the MCLR stands at 8.05% while for 3 months, the rate has been revised to 8.45% and for 1 year the rate now stands at 8.75% respectively. The revised rates are effective from April 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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