CORPORATION BANK HoME LOAN INTEREST RATES
Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.
Started about 108 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 2,84,722 Crore mark in business and even far more, with over 6677 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban population alike. Today, we are proud that we are significant contributors to the growth of the country’s economy.
Nationalised in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many ” firsts ” to its credit – Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its poineering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking – Business Corresponent model. All of which symbolise Bank’s unswerved commitment to its customers to provide convenience banking.
At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers – from individuals to corporate clients.
Corp Home – Loan for Housing purposes
1. Eligibility: |
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2. Purpose :
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3. Loan Amount:
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4. Margin for Loan:
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* Property to be mortgaged for housing loan shall be primary security.
* Wherever, Site/Plot has already been mortgaged as security for any other credit
facility, loan only for construction of house may be sanctioned. In such cases, margin
of 35% shall be maintained on cost of construction.
4[a] Repayment Period:
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* Repayment period should not exceed retirement date for salaried persons and 70
years of age for other than salaried persons.
* Maximum tenor under Fixed rate loans restricted to 20 years for salaried class and 15
years for other category of borrowers.
* Housing loans under Fixed Rate of Interest is offered upto 20 years only.
5. Security:
Mortgage of house / flat purchased out of Bank Finance.
6. Guarantee:
Third party guarantee at the discretion of the Sanctioning Authority. |
Wherever third party guarantee is not stipulated, co obligation of Spouse is mandatory. |
If, applicant is unmarried/divorcee, co obligation of parent/s (irrespective of their age) or third party guarantee is required. |
7. Rate of Interest:
[Interest Rate is linked to the Base Rate ]
a] FLOATING RATE:
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b] FIXED RATE:
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Note: The Interest Rate as above is applicable to fresh loans only
8. EMI and Eligible Income :
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.
* Where part of the loan is prepaid, re-fixing/reduction of EMI is permittedbased on the residual balance and leftover repayment period so that the loan is closed within the original repayment tenor. A letter of request from the borrower is however required.
* 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.
Eligible Income:
– Regular & verifiable income is only considered
– Salary, Pension, Business income, Agricultural income are eligible
– In case of seasonal income, quarterly/half yearly/ yearly installments are also considered
– HUF income is not considered.
9. Project Cost:
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1. Project Cost component of such items shall not exceed20% of Project Cost.
2. Loan component for such items shall not exceed Rs.15 lakh.
10. Maximum number of Housing loans permitted:
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11. Processing Charges:
Processing charges are fully waived (from 01.06.2013 to 30.09.2013)
W.e.f. 01.07.2012: 0.50% of Loan amount (Maximum Rs.50,000/-)
Note: The charges are exclusive of applicable Service Tax
12. Pre Payment Penalty:
NIL
13. Conversion Charges :
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14. Loan for Site & Construction of House:
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15. Take over of Loan:
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16. Second Loan for Enhancement:
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17. For Repairs/Renovation/Extension:
FOR REPAIRS/RENOVATION/EXTENSION/IMPROVEMENT/FURNISHING OF HOUSE,
PLEASE AVAIL THE FACILITY UNDER `CORP GHAR SHOBHA SCHEME‘
18. Loan against Second charge/ Pari Pasu Charge:
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19. Corp Flexi Loans:
The Scheme is to facilitate the younger borrowers expecting income growth in the years to come, and would like to avail higher quantum of loan than the normal eligibility. Under the scheme, installments will be flexible/progressive/ step up, in tune with increase in income. (The scheme is only for salaried class)
Option-1:
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Option-2:
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Other Conditions:
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20. Disbursement:
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21. Insurance:
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