An Rs.10 lakh home loan, with an interest rate of 7.5% and a repayment tenure of 20 years, will cost you an EMI of Rs.8056 per month. 

Corporation Bank offers home loans to eligible individuals who want to build or buy a home. The property purchased or going to be built is mortgaged as collateral until the loan is repaid in full, including interest. The average house loan term is between 5 and 30 years. The bank offers a floating rate of interest on home loans that start at 6.5%.

Corporation Bank Home Loan Snapshot

Eligibility Criteria

Salaried and Self-Employed

Loan Tenure

Up to 30 years

Loan Amount

Based on your repayment capacity

Interest Rate

Starting at 6.50%

Processing Fees

0.50% of the loan amount up to a maximum of Rs.15,000 + GST

Prepayment Charges

Nil

 

Some benefits of getting your home loan from Corporation Bank

  1. Both Indian citizens and non-resident Indians can use it.
  2. There is no maximum loan amount.
  3. For repairs/renovations, a loan of up to Rs.30 lakhs is provided.
  4. For loan amounts less than Rs.30 lakhs, a loan of up to 90% is offered.
  5. A repayment period of up to 30 years is possible.
  6. Applicants interested in agricultural and related activities can use the Equated Quarterly Instalment (EQI) option
  7. Processing fees are just 0.50% of the loan amount, up to Rs.15000 max
  8. Prepayment penalty-free loans with a floating rate of interest

A Corporation Bank home loan has a starting interest rate of 6.50%. Your credit score has a significant impact on the interest rate on a Corporation Bank home loan; the higher your credit score, the lower the interest rate.