All About Corporation Bank Home Loan
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Eligibility: Corporation Bank Home Loan
1. Residents /NRIs/ PIO holding Indian Passports conforming to normal borrower standards with independent & regular source of income.
2. Age of the borrower/s shall be between 18 years to 60 years subject to the condition that repayment period (including repayment holiday if any,) shall not go beyond the retirement age, in case of salaried class, and 70 years of age, in case of other than salaried-class.
3. Where property is held in joint names, all the joint holders should join as co-applicants to the loan.
4. In addition to spouse, maximum of one close relative as co-applicant required for supplementing repayment capacity.
5. However, where the property to be mortgaged is jointly owned by close relatives, all the joint owners to join as co-applicants, irrespective of their age and numbers.
6.Where property is owned by applicant’s parents/spouse who do not have independent/ regular income, they should join as co-applicant only, irrespective of their age.
7.If, applicant is unmarried/divorcee, co-obligation of parent/s (irrespective of their age) or third party guarantee is required.
8.Applicant /Co-applicant must be confirmed in the service & should have two years of aggregate service in previous & present employment together.
Purpose : Corporation Bank Home Loan
1. For construction of house/flat, purchase of ready built house/ flat.
2. For takeover of housing loans from other Banks/Institutions.
Margin for Loan: Corporation Bank Home Loan
above 1 crore to 2 Crore : 25%
Repayment Period: Corporation Bank Home Loan
1. Property mortgaged for housing loan is the primary security.
2. Wherever, Site/Plot has already been mortgaged as security for any other credit facility, loan only for construction of house may be sanctioned with a margin of 35% on cost of construction.
3.Repayment period not to exceed retirement date for salaried persons and 70 years of age for other than salaried persons.
Security: Corporation Bank Home Loan
Mortgage of house / flat purchased out of Bank Finance.
Guarantee : Corporation Bank Home Loan
1.Third party guarantee at the discretion of the Sanctioning Authority.
2.Wherever third party guarantee is not stipulated, co-obligation of Spouse is mandatory.
3.Wherever third party guarantee is not stipulated, co-obligation of Spouse is mandatory.
Corporation Bank Home Loan Interest Rate:
CORP HOME (General ) Loan Tenor
Up to Rs.25 lakhs
Above Rs.25 lacs & upto Rs.30lakhs
Above Rs.30 lacs & upto Rs, 75 lakhs
Above Rs. 75 lakhs .
up to 5 years
above 5 & upto 15 years
above 15 years & upto 25 years
CORP HOME -Premium NRI Loan Tenor
Limits of Rs.25 lakhs and above but below Rs.75 lakhs
Limits of Rs.75 lakhs and above
up to 15 years
EMI and Eligible Income: Corporation Bank Home Loan
EMI (Equated Monthly Instalment):
* The EMI stipulated in Credit Sanction Intimation while sanctioning of loan will remain the same during the entire tenor of the loan irrespective of revision in rate of interest during the tenor, except in cases, where initial repayment holiday period is given. This is may result in extension of payment period due to interest rate variations.
* Wherever initial repayment holiday period is given, EMI will be fixed at the beginning of repayment period depending upon the balance outstanding in the account.
- – Regular & verifiable income is only considered
- – Salary, Pension, Business income, Agricultural income are eligible
- – In the case of seasonal income, quarterly/half yearly/ yearly installments are also considered
- – HUF income is not considered.