Corporation Bank Home Loan Interest Rate:

Corporation Bank home loan rate can be variable or fixed.

Variable Corporation Bank home loan interest rate for an amount up to 20 Lacs for a period of 10 years is 9.65%. Fixed Corporation Bank home loan rate for an amount up to 20 Lacs for a period of 10 years is 12.15%. 

Corporation Bank home loan interest rate for an amount from 20 Lacs to 30 Lacs for a period of 10 years is 9.90%. Fixed Corporation Bank home loan rate for an amount from 20 Lacs to 50 Lacs for a period of 10 years is 12.15%. 

Corporation Bank home loan rate for an amount from 30 Lacs to 75 Lacs for a period of 10 years is 10.40%. Fixed Corporation Bank home loan rate, for an amount above 50 Lacs for a period of 10 years is 12.65%.

Corporation Bank home loan interest rate for an amount above 75 Lacs for a period of 10 years is 10.90%. Fixed Corporation Bank home loan interest rates, for an amount above 50 Lacs for a period of 10 years is 12.65%.

Corporation Bank Home Loan Eligibility:

Corporation Bank Home Loan Eligibility Criteria For Salaried People:

As per the Corporation Bank home loan review the person should have regular income. Corporation Bank home loan applicant should have a minimum age of 18 years. As per the Corporation Bank home loan eligibility an applicant’s maximum age cannot exceed 60 years.

Corporation Bank Home Loan Eligibility Criteria For Self Employed:

Corporation Bank home loan review shows the person should have regular income. Corporation Bank home loan self employed applicant should have a minimum age of 18 years.  As per the Corporation Bank home loan eligibility an applicant’s maximum age cannot exceed 70 years.

Corporation Bank Home Loan Documents:

Corporation Bank home loan review shows that one has to submit

Identity proof

 Income proof

Along  with filled application form

Two Photographs

Corporation Bank Home Loan Documents For Self Employed

Income Tax return for last two years

Identity Proof

Residence Proof

Proof of existence of business

Corporation Bank Home Loan Documents For Salaried

Form 16 for last two years

Bank Statement

Identity Proof

Residence Proof

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

According to the Corporation Bank Home Loan the loan is provided for a maximum period of 25 years in case of payment in equated monthly installments.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of  Corporation Bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 0.5% penalty in case if the loan is being paid before the stipulated period.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.