Corporation Bank home loans can work as an ideal home buying option for you. Before you go for a home loan from Corporation Bank, you should understand the terms and conditions of such a loan clearly.
About Corporation Bank home loans
1) Eligibility Criteria for Corporation Bank home loans
Given below are the eligibility criteria for Corporation Bank home loans:
- NRIs/Residents/Persons of Indian Origin carrying Indian Passports complying with usual borrower guidelines with regular & independent source of income can qualify.
- The minimum age of the borrower shall be 18 years and the maximum age of the borrower shall be 60 years and this is conditional on the stipulation that the repayment term (including repayment holiday if applicable), shall not surpass the age of retirement for salaried individuals, and 70 years of age, for other than salaried individuals.
- Where property is owned in joint names, all the joint owners should participate as co applicants to the loan.
- Besides spouse, maximum of one close family member as co applicant is necessary for increasing repayment ability.
- Nevertheless, where the property to be mortgaged is mutually held by close family members, all the mutual owners have to participate as co applicants, regardless of how old they are and how many they are.
- Where property is held by the spouse/parents of the loan applicant who dont have regular/independent source of income, they should participate as co applicant only, regardless of their age.
- If applicant is divorced or a bachelor, co obligation of parent/s (regardless of how old they are) or third party guarantee is essential.
- Applicant/co applicant should be confirmed in the employment and should have 2 years of combined service in past & current employment collectively.