Corporation Bank  Loan Against Property:

Introduction:

Corporation Bank  Loan Against Property can be availed when a person is in great need of money and there is no one to help you out. Corporation Bank  Loan Against Property has been successful in providing the much needed financial relief to people for-

• Business requirements
• Wedding arrangements for children
• Medical expenses
• Higher Education of children

Why Loan Against Property?

People usually go ahead for this loan for the following reasons-

• It is cheaper to personal loan
• It usually has a longer tenure which makes it affordable for people
• The documentation and approval process is much faster

Corporation Bank  Loan Against Property reviews shows that the competitive Corporation Bank  Loan Against Property Interest rate is the reason for many businesses opting for Corporation Bank  Loan Against Property.

Corporation Bank  Loan Against Property Interest Rate:

The interest rate is 15.00% under floating rate w.e.f. 14^th Feb, 2011. Fixed rate is not available with Corporation bank.

Corporation Bank  Loan Against Property rate is specified from time to time and applicable.

Corporation Bank  Loan Against Property Eligibility:

• As per the age Corporation Bank  Loan Against Property reviews the person should be more than 18 and less than 65 owning residential/ commercial property and who is income tax assesses.
• Repayment period cannot go beyond 70 years of the age of the borrower as per the Corporation Bank  Loan Against Property reviews.
• As per the Corporation Bank  Loan Against Property eligibility salaried class, the repayment period cannot exceed the retirement age.
• To avail Corporation Bank  Loan Against Property rate close relatives of co-applicants to supplement repayment capacity.
• When the property is in the name of a relative who doesn’t have regular or independent income, he/she must join as co-applicant, irrespective of age and avail Corporation Bank  Loan Against Property rate.
• More than one loan is given to the applicant against the same property subject to required margin on security income, repayment capacity etc.
• Any one who wants t avail Corporation Bank  Loan Against Property rate Income should be Rs. 2,50,000/- p.a. for person who wants loan.

Corporation Bank  Loan Against Property reviews shows that if a person is able to fulfills the above eligibility then he/she can avail Corporation Bank  Loan Against Property.

Whosoever is able to meet the Corporation Bank  Loan Against Property eligibility criteria is eligible for Corporation Bank Loan Against Property.

Corporation Bank Loan Against Property Documentation Process Is Simple And The Common Documents Required Are:

• Application form
• Proof of Identity: - Passport/ Photo PAN card/ Voter's identity card/ Driving license/ Photo ration card/  Government identity card
• Proof of Address: - Passport/ Ration card/ Telephone (land / mobile) bill/ Electricity bill/ Driving license/ Society outgoing bill/  Voter's identity card/ Life Insurance Policy
• Proof of Age: Passport/  Valid driving licence/  Voter's identity card/  Birth certificate/ School leaving certificate/ LIC Policy or Premium receipt clearly indicating the applicant's age/ Letter from the employer stating the age of the employee

Financial Documents:

For Salaried Individuals-

• Latest salary slip showing statutory deductions
• Form 16 (Declaration from the employer giving the details of income and deductions, duly signed by an authorized signatory of the Company) or Latest acknowledged Income Tax Returns;
• Bank statements for the last 3 months
• Employment contract

For Self-Employed Individuals /Proprietor-

• Computation of income + Profit & Loss  for the last 2 years certified by a Chartered Accountant. or Profit & Loss and balance sheet for the last 2 years certified by a Chartered Accountant
• Copies of acknowledged Income Tax returns for the last 2 years
• Bank statements for the last 6 months

Corporation Bank Loan Against Property reviews shows that above mentioned documents are required.

Corporation Bank  Loan Against Property reviews shows that documents required are specific to type of business and more details for documents required are available in the branch. Corporation Bank Loan Against Property reviews shows that Corporation Bank  Loan Against Property interest rate can be availed for maximum loan tenure of 20 years. The loan can be repaid in easy equated monthly installments through post dated cheques, online EMI payment or direct debit from bank account. The loan can be processed in 7 working days once the documents have been submitted.

Prepayment and Late Fee Charges:

If the loan is paid back before the tenure it is known as prepayment. Corporation Bank  charges are nil. The late payment charges are 2% per month. Service tax and other taxes are applicable as per the rate prevailing in the market. The maximum and minimum loan amount will depend according to the value of the property as decided by the bank.

Corporation Bank  Loan Against Property Tax Benefits:
One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.
More details on Corporation Bank Loan Against Property eligibility and Corporation Bank  Loan Against Property Interest Rate etc. are on the official site at - http://www.corpbank.com/
Remarks:  The revaluation of the property is done once in 3 years. Fixed rate option is not available.