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Corporation Bank Home Loan

Corporation Bank Home Loan

 

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Member's Recomendation

1   1

1 review(s)
Expert Review | Write a Review

  • Interest Rate
  • 11.50%
  • Pre payment charges
  • 1%
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • 1% -on principal outstanding
     
  • Loan to Value ratio
  • 75%
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only. Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of Corporation Bank Home Loan

Features:

 

  • Loan is available for construction of house/flat, purchase of ready built house/flat or for take-over of housing loans from other banks/institutions.
  • Maximum loan available for metros  Rs 5 crore, urban centers is Rs 50 lakh, Semi urban & Rural centers Rs 25 lakh
  • Loan available Upto 1crore is 80% , between 1 crore to 2 crore is 75% of cost of property ,Above 2 crore to 3 crore is 70% & above 3 crore is 65%
  • Repayment period does not exceed retirement date for salaried person & 70 years for others.

 

 

Eligibility:

 

  • Age of the borrower can be between 18 years to 60 years in case of salaried class & 18 to 70 years for self-employed
  • If applicant is unmarried or divorcee it is compulsory to have parents as co-applicant or third party guarantor.
  • Applicant or co-applicant must be in service and must have a 2 years of experience
  • Maximum of 3 housing loans can be taken subject to borrower’s income/repayment capacity etc.

 

 

Charges:

 

  • Loan processing charges: For amount less than 30 lakh is 0.40% of loan amount, for 30 lakh to 75 lakh it is 0.50% & for loan above 75 lakh it is 0.60% of loan amount.
  • Pre-payment Penalty: Nil, when loan is repaid by own sources of fund,0.50% on loan amount if prepaid under floating rate option & 1% on loan amount is prepaid under fixed rate option.
  • Conversion charges: To convert the interest rate from floating to fixed it charges 1% of the outstanding loan amount

 

Interest Rates

 

  • Loans are available at fixed rate & floating rate

 

 

Documentation

 Salaried Individuals

  •    Application form with recent photograph
  •    Latest salary slip and Form 16
  •    Bank statement for last 3 months
  •    Proof of Identity (any one): Passport/Driving license/Photo credit card/Employee license/Voter's ID/PAN card
  •    Proof of Residence (any one): Driving license/Any utility bill/Govt. or authority bill

Self Employed

  •    Application form with recent photograph
  •    IT returns for last 2 years
  •    Bank statement for last 6 months
  •    Proof of Identity (any one): Passport/Driving license/Photo credit card/Employee license/Voter's ID/PAN card
  •    Proof of Residence (any one): Driving license/Any utility bill/Govt. or authority bill
  •    P&L and Balance Sheet for last 2 years certified/audited by CA

Documents Required for Corporation Bank Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/' Birth certificate/life insurance policy or premium receipt Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account for last 2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of Corporation Bank Home Loan

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User Reviews

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Average user rating

  • Pricing
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  • Member's Recomendation

Is this the way to talk and behave with the customers.We are very mentaly haras.

By: rahul das, Ahmedabad | 07 December 2009

Respected sir/mam, I write to inform you that me and my family facing lots of problems this days due to corporation bank laxmi nagar branch.My father was taken home loan from that bank of amount rs 5 ...[Read]

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