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  #1  
April 11th, 2012, 04:47 PM
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Join Date: Mar 2012
Corporation Bank home Loan Interest rates

Hello sir, I am thinking for take a home loan from Corporation Bank, so I want collect information about terms and condition and interest rate which apply on Corporation Bank home Loan, do you give me detail of it?

A home loan offers funding for a variety of housing needs where a large portion of the monetary requirement is fulfilled by the bank/institution. One can repay the loan in monthly instalments over a term chosen.

Corporation Bank offers home loans for the following housing requirements for resident Indians as well as NRIs:

• For purchasing a house or a flat (under construction flat also funded).
• Construction of a house or a flat
• For purchasing a plot and construction of house
• Taking over existing loan (balance transfer) from other banks or institutions
• Renovation/repair/extension of an existing house
• Purchase and installation of Solar PVs (rooftop)

Eligibility Criteria for Corporation Bank Home Loans:

• Resident individuals between the age group of 18-65 years with an established source of income. NRI (Non Resident Indian) and PIO (Person of Indian Origin) are also eligible to apply.

• Primary applicant should be accompanied by spouse or immediate relative as a co-applicant to add weightage to the repayment capacity of the former.

• If the property is jointly owned by relatives, all the co-owners should sign up as co-applicants, regardless of their age.

Home Loan Interest Rate:
The rate of interest charged on home loans is determined on factors such as loan amount, type of interest calculation (fixed or floating) and the benchmark rates.

As mandated by the RBI, it follows the MCLR (Marginal Cost Based Lending Rate) system for arriving at the base rate. The MCLR as on October 1, 2016 is as follows:
Loan Tenor MCLR
Overnight 8.90%
1 month 9.05%
3 months 9.30%
6 months 9.40%
1 year 9.50%

Floating Rate System:
Loan amount Interest rate
Up to Rs.2 crores 9.60% (MCLR + 0.1%)
Above Rs.2 crores 9.85% (MCLR + 0.35%)

Fixed Rate System:
Loan amount Interest rate
Up to Rs.25 lakh 12.60% (MCLR + 3.1%)
Above Rs.25 lakh 13.10% (MCLR + 3.6%)

The Rates for Related Loans are:
Corp Ghar Shobha (repairs and renovation): 10.00% (MCLR + 0.5%)
Corp Ghar Sansar (top-up on existing loan): 10.00% (MCLR + 0.5%)
Corp Surya Rashmi (for solar PV sets): 9.60% (MCLR + 0.1%)

Last edited by Neelurk; February 26th, 2020 at 03:24 PM.
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  #2  
February 17th, 2017, 08:00 AM
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Re: Corporation Bank home Loan Interest rates

Can you tell me about the eligibility requirement for Home Loan offered by Corporation Bank? Also tell me about Interest Rates for Home Loan offered by Corporation Bank?


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