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Corporation Bank Housing Loans

 

Corporation Bank provides housing loans to salaried and self employed persons for purchase or construction of a flat/house, for buying a plot to build a house within 12-24 months, or for repair and extension of your home. Interest rates on Corporation Bank housing loans are affordable with flexible repayment terms and tenure up to 25 years.

 

Why Corporation Bank Housing Loans?

 

  • Higher amount of loans upto 500 lacs for purchase/construction of a home and upto 30 lacs for buying a plot.

  • Competitive interest rates starting at 10.5% per annum for floating category.

  • No processing fee till 30th September 2011.

  • Options to choose between fixed and floating interest rates. Conversion from fixed to floating and vice versa allowed.

  • Long repayment tenure upto 25 years.

  • Take over of loans from other banks/institutions at competitive rates.

  • No prepayment charges if loan prepayment is done from own sources. 0.5% interest on outstanding in case of loan take over by other banks.

  • Low processing charges of just 0.4% for loans upto 30 lacs from 1st October 2011.

  • Insurance cover to the extent of loan liability for entire repayment term.

 

 

Eligibility and Documentation

 

     

  • Residents/NRIs holding Indian Passports with independent and steady source of income.

  • The person should be minimum of 18 years and maximum of 60 years of age to avail the loan.

  • If the applicant/co-applicant is in service, he should have 2 years of confirmed service with the present employer.

  • Repayment period not to exceed retirement date for salaried persons and 70 years of age for other than salaried persons.

  • In addition to spouse, maximum of one close relative as co-applicant required for supplementing repayment capacity.

     

 

Documentation

 

 

  • Loan application form with 2 passport size photos of applicant.

  • Copy of the approved plan for the proposed construction / extension / addition.

  • Allotment letter of Co-operative Housing Society / Apartment Owners' Association / Housing Board / NOC from the Society / Association / Builders / Housing Board.

  • Salary Certificate and Form No.16 (in case of salaried persons).

 

  • IT Returns filed for the past two years (in case of non-salaried persons).

  • A brief note on the nature of business, year of establishment, type of organization

(in case of self-employed).

  • Balance sheet and profit and loss account for the past 3 years (in case of self-employed).

 

Corporation Bank Housing Loan Interest Rates

 

Type

Loan Amount (Rs.)

Rate of Interest*

Floating Rate

Upto Rs. 25 Lacs

10.50% - 11.00%

>Rs. 25 lacs - Rs. 75 lacs

10.75% - 11.75%

Loans greater than Rs. 75 lacs

11.75% -12.50%

 

Upto Rs. 30 Lacs

13.25%

Fixed Rate

>Rs. 30 lac - Rs. 75 lacs

13.75%

 

Loans greater than Rs. 75 lacs

13.75%

 

* Rates vary as per the loan tenure. Base Rate at 10% w.e.f. 6th May 2011.

 

 

Corporation Bank Housing Loan Calculator