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Corporation Bank Home Loan Rates

Are you looking for really affordable home loan rates so that you can buy your dream home with a suitable home loan? Corporation Bank can help you in this regard. You can go through Corporation Bank home loan rates to make a good borrowing decision.

About Corporation Bank home loan rates

Corporation Bank is a full service bank based in Karnataka. It is one of the most popular commercial banks in India. Corporation Bank home loan rates are one of the most affordable and competitive rates that are available in the home loan market of India. The table given below will help you get a clear understanding about Corporation Bank home loan rates:

Rate of Interest: (w.e.f. 4th May, 2009]

Fixed Rate:



Loan Term Up to Rs.30 lakh Over Rs.30 lakh & up to Rs.50 lakh Over Rs.50 lakh
Up to 5 years 11.00% 11.50 % 11.50%
Over 5 & upto 15 years 11.00% 11.50 % 11.50%
Over 15 years & up to 20 years 11.00% 11.50 % 11.50%
Over 20 years & upto 25 years 11.00% 11.50 % 11.50%
  Maximum loan term under fixed rate loan options is limited to 20 years for salaried individuals and 15 years for other types of borrowers.
  Housing loans under fixed interest rate is offered for a maximum repayment term of 20 years only. The interest rate will be readjusted at the judgment of the Bank once every 5 years.
     




Floating Rate:

Loan Term Up to Rs.30 lakh Over Rs.30 lakh & upto Rs.50 lakh Over Rs.50 lakh
Up to 5 years 8.75 % 9.50% 10.00%
Over 5 & upto 15 years 9.50 % 10.00% 10.50%
Over 15 years & upto 20 years 9.75 % 10.50% 10.75%
Above 20 & upto 25 years 10.25 % 10.75% 11.00%


Guarantee for Corporation Bank Home Loans:

  • Third party guarantee at the judgment of the Approving Authority.
  • In case the loan applicant is a bachelor or divorcee, co obligation of parent/s (no matter what their age is) or third party guarantee is needed.
  • If third party guarantee is not specified anywhere, then spouse’s co obligation is compulsory.

Repayment period for Corporation Bank home loans

Repayment Period:

Age of the Flat/House
(The house/flat shall not be older than 30 years)
Margin for Loan Amount.
Upto Rs.1.00 Crore
Repayment Term
Up to 10 years 20% 25 years
Over 10 years & up to 20 years 20% 20 years
Over 20 years & up to 30 years 25% 15 years
Renovation/maintenance/extension 20% 5 years


Property mortgaged for housing loan will work as the main security against the loan.

If the plot/site has already been mortgaged in the form of security for any other type of credit program anywhere, loan may be approved only for construction of house and there will be a margin of 35% on construction cost.

The repayment term shall not surpass the retirement age for salaried individuals and 70 years for other than salaried individuals.

Processing charges for Corporation Bank home loans:

Up to Rs.5 lakh 0.50% of loan amount subject to a minimum of Rs.1,000/- and maximum of Rs.2,500/-
Over Rs.5 lakh
&
upto Rs.15 lakh
0.50% of loan amount subject to a minimum of Rs .2,500/- and maximum of Rs.7,500/-
Over Rs.15 lakh
&
upto Rs.20 lakh
0.50% of loan amount subject to a minimum of Rs.7,500/- and maximum of Rs.10,000/-
Over Rs.20 lakh 0.50% of loan amount subject to a minimum of Rs.10,000/- and maximum of Rs.50,000/-




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