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Corporation Loan Against Property Eligibility Calculator

Loan Against Property Eligibility Corporation Bank

Last Updated 16th Jul 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 18 - 65 years 18 - 65 years
Maximum Loan Tenure 10 years 10 years
  • Corporation Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Use MyLoanCare Loan against property eligibility calculator to calculate your eligibility for SBI loan against property online without any hassles.
  • You can increase your Corporation mortgage loan eligibility by adding earning family members, business firms and companies' owners by main applicant as co-applicants or by applying for a longer tenure loan.

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.

Loan Against Property Eligibility Calculator

Corporation Bank Loan Against Property Eligibility

Corporation Bank allows you to fund immediate or urgent needs with a loan against property. Corporation Bank loan against property is a secured loan that does not have any end usage restrictions. The bank offers different types of mortgage schemes at affordable rates to eligible salaried and self-employed individuals. Corporation Bank loan against property eligibility is based on factors like age, salary, occupation, property type and credit score. Let’s understand these factors in detail:

Corporation Bank Loan Against Property Eligibility Based on Age

    Corporation Bank considers your age as one of the important parameters to calculate your Corporation Bank property loan eligibility. To be eligible for availing a loan from Corporation Bank, one has to be of 18 years of age. The maximum age for loan from Corporation can be 65 years. Corporation Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. For instance, if your current age is 25 years, you can avail the maximum loan for 15 years and if your age is near retirement, say 60 years, you can avail the loan for lesser tenure.

Corporation Bank Loan Against Property Eligibility Based on Income

  • Net Income: Your monthly income determines your eligibility to get the amount of loan after meeting all the living expenses. Corporation Bank typically applies a multiplier of up to 60 times on the monthly net income of the borrower to calculate the mortgage loan eligibility. However, the net monthly income required by Corporation Bank to approve a property loan is ₹70,000. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 7.65% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    30 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    35 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    40 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    50 years 34.74 Lakh 52.11 Lakh 69.48 Lakh
    60 years 16.16 Lakh 24.24 Lakh 32.32 Lakh
  • You may consider repaying any loans with short tenure and high EMI in order to increase your Corporation Bank loan against property eligibility.
  • Nature of Employment: Corporation Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Corporation Bank Property Loan Eligibility Based on Value of Property

  • Value of Property: Corporation Bank does not finance the entire property value. The maximum loan against property eligibility would depend upon the value of the property. You can get a maximum of 50% of property’s value as a loan against residential property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh. On the other hand an industrial property of ₹ 20 Lakh might allow you to take a lower loan amount of ₹ 10 Lakh. The percentage of Corporation Bank loans will get lower if it is against commercial property.
    Property Type LTV Property Value Maximum Loan Amount
    Industrial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Corporation Bank, you can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhances the loan amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In the case of NBFCs, you can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Corporation Bank.

Corporation Bank Eligibility Based on CIBIL Score

Based on your credit score, a bank or any other financial institution decides whether you are eligible for a loan or not and is considered as one of the important parameters to get the loan. Regular payment on secured loans can also increase your CIBIL score. Corporation Bank requires a minimum credit score of 650 to be eligible for a property loan.

Corporation Bank Mortgage Loan Eligibility Based on FOIR

Corporation Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Corporation Bank. Always calculate your eligibility with the Corporation Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan and reduce the chances of getting your loan application rejected.

How to Calculate Corporation Bank Loan Against Property Eligibility?

You can check SBI Loan against Property eligibility online using MyLoanCare Eligibility calculator using the steps mentioned below:

  • Fill in the required details like name, mobile number, income etc in Loan against property eligibility calculator form and click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP received on the entered mobile number.
  • Enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

Documents Required for Corporation Bank Loan on Property

To avail Corporation Bank loan on property, you will be required the following documents:-

  • Application form
  • Passport size photograph
  • Identity proof- PAN card, Aadhar card, Passport, Voter ID card, Driving License
  • Address Proof- Ration card, Utility bill, Driving license
  • Age proof- PAN Card, Passport, Class 10th certificate
  • Income proofs- Bank Statements, last 6 months salary slips, Form 16, Income Tax Returns for the last 3 years
  • Processing fee cheque
  • Property documents of mortgaged property

Compare the Eligibility Criteria of Top Banks

FAQs

What factors determine the eligibility criteria of property loan from Corporation?

The factors that determine the eligibility criteria of Corporation Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

Am I eligible for Corporation loan against property if my salary is 20000?

The minimum income for salaried employees to get a loan against property should be ₹ 25,000 per month. It is difficult to get approval for the loan, however if your CIBIL is high, you may negotiate with the bank or add an co-applicant to improve your eligibility.

What should be the minimum net monthly income of the customer to get Corporation Bank mortgage loan?

The minimum income for salaried employees to get a loan against property should be ₹ 0 per month. If you do not meet the eligibility criteria you can increase income eligibility by adding a co-applicant and maintaining a good cibil score above 650.

What is the tenure of an Corporation property loan?

Corporation Bank offers property loans for a tenure upto 10 years. However, the longer the loan tenure, the higher will be the eligibility. Also, higher loan tenure means a higher rate of interest.

How much Corporation Bank mortgage loan can be availed by the applicant?

You can avail mortgage loan from Corporation Bank up to 50% of the market value of the property against an residential property whereas you can avail up to 50% of the market value if you decide to pledge a commercial property.

Can I get a loan on my property from Corporation Bank if I am not an Corporation Bank customer?

Yes, you can get a loan against property from Corporation Bank if you are not an Corporation Bank customer. However, you can get a competitive interest rate if you are already a customer of a bank.


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Corporation Loan Against Property News - May 2022
  • 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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