Corporation Bank Home Loan EMI Calculator

Corporation Bank Home loan EMI Calculator

Corporation Bank is regarded as a pioneer of Indian financial sector in various fields. It was not nationalized until 1980, but was one among the first public sector banks to issue an initial public offering. It is also one among the first public sector banks to implement technological solutions in its various operations, using the business correspondent model to enter the rural and semi-urban market with a variety of financial services.

Corporation Bank was an Indian public sector bank based in Mangalore. The bank had coverage all over India. Currently, the bank operates a nationwide network of 2,432 fully automated CBS branches, 3,040 ATMs and 4,724 branchless banking units. Corporation Bank and Andhra Bank merged into Union Bank of India in 2019 following the announcement of Minister of Finance Nirmala Sitharaman, and all of their branches became branches of Union Bank of India on April 1, 2020.

Everyone dreams of having a home. It is something that everyone wants and has plans or ideas for. Before, the cost of land was lower and a person could work and save money to pay for a house in full without having to take out a loan. But today the cost of land is very high and it has become very difficult for people to buy a house without borrowing. Corporation Bank Home Loans aims to make this people’s dream come true by reducing the financial burden by offering home loans at affordable and reasonable interest rates.

Documents required to be eligible for Corporation bank home loan

Important documents to submit when applying for a Corporation Bank home loan are:

• Property documents

1. Copy of sanctioned plan
2. Sale deed, title deed, sale agreement
3. Estimated value of the project by an approved Engineer or Architect
4. Search report of the deed for the specified period.
5. Allotment letter in case of flat.
6. Copy of land records status.
7. Receipts for investment to the tune of margin money.

• Documents for KYC

1. Valid photo ID card
2. Address proof

• Salaried individuals

1. ITRs for the preceding three years
2. Latest bank statements

• Self-employed individuals

1. Latest ITR
2. Latest computation of income

• Additional documents that are required for NRI and PIO are

1. Proof of Income the applicable form.
2. Bank account statement.
3. Proof of employment and source of steady income.
4. Power of Attorney (POA) executed in favour of a close relative.
5. Credit score Report.

Corporation bank home loan interest rates

Current Corporation Bank Home Loan interest rates start at 6.80 percent per annum in August 2021 for a period of up to 30 years. The Corporation Bank home loans have a processing fee of up to 0.50 percent, with a maximum of INR 50,000. Women borrowers receive a 0.05 percent interest rate discount from Corporation Bank.

Corporation Bank Home loan EMI Calculator

Corporation Bank home loan offers EMI INR 652 per INR 1 lakh, which is one among the lowest among the EMIs offered by other banks in the market. Corporation bank home loan calculates the EMI based on three things namely: loan amount, tenure of loan and interest rate. The customer can calculate the exact EMI payable just by adjusting these three things. Corporation bank home loan offers home loan EMI calculator so that the customer can calculate the EMI for home loan before applying so that they can plan loan payments and expenses. The customer can simply calculate the EMI by using the online Corporation Bank home loan EMI calculator. The Corporation Bank home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives the accurate result without any troubles.

For example: If the loan amount is set at INR 50,000; the rate of interest is set at 10.5% and the loan duration is set at 20 years, then the customer will get the following results:

Similarly, if the loan amount is set at INR 80,50,000; the rate of interest is set at 10% and the loan duration is set at 25 years, then the customer will get the following results:

कार्पोरेशन Bank home loan EMI calculator formula

The EMI is calculated using the given formula by the Corporation Home Loan Calculator.

E= [P*R*(1+ R) ^N/(1+R)^ N-1] 

Corporation bank home loan EMI calculator formulates EMI in the following way:

P= Loan amount. Corporation bank home loan provides loan ranging from INR 15 lakhs to INR 5 crores.

R= Rate of interest, Corporation bank home loan interest rate is currently 6.80%

N= Tenure in month. Corporation bank offers a maximum home loan tenure of 360 months.

Benefits of using Corporation home loan EMI calculator

Corporation Bank Home Loan Calculator is an online calculator and provides instant results with 100% accuracy. The best part is that the customer can calculate and compare multiple EMIs on different combinations of loan amount, interest rate, and tenure. Using the Corporation Bank Home Loan EMI Calculator assists the customer in determining the appropriate EMI amount as well as the appropriate loan amount and loan tenure.

Benefits of calculating EMI beforehand

Before taking for a home loan, it is a good idea to determine the Corporation Bank EMI. There are a number of advantages to estimating the Corporation Bank home loan. EMI can be calculated using the Corporation Bank loan calculator. 

1. If the EMI exceeds the customer’s monthly budget, then he/she has the option of applying for a smaller loan amount that suits his/her budget and makes Corporation Bank EMI feasible
2. If the customers know how much EMI they will have to pay each month, they can budget properly.
3. The customers can choose to make a future prepayment of their home loan based on the EMI amount if they have a surplus. The customers can use the home loan EMI calculator to determine the aftermath of prepayment.

Factors affecting Corporation bank home loan EMI 

The EMI for a home loan can be determined using an online Home Loan Calculator, which takes into account parameters such as the loan amount, the rate of interest, and the loan term. Therefore, the factors affecting the corporation bank home loan EMI are: 

1. Loan Amount: If the customer applies for a higher loan amount, then he or she will have to pay a higher EMI.
2. Interest rate: Corporation Bank home loan EMI will increase as the interest rate rises, increasing the overall cost of the loan. The current home loan interest rate at Corporation Bank is 6.80 percent.
3. Loan tenure: This is the amount of time in which the customer has to repay the Corporation Bank home loan. If the customer takes a 0 year loan from Corporation Bank, the EMI will be lower than the EMI the customer has to pay if he/she takes a 5 year loan. The customer will pay a lower EMI if he/she borrows for a longer period of time, and vice versa.

Having one’s own home gives a sense of accomplishment and a proud feeling. Everyone longs for the sense of belonging, the chance to begin a new chapter of life and the opportunity to create memories in a home that can be called “mine.” Corporation Bank Home Loans is working hard to provide their customers with the most convenient home loan at the lowest possible interest rate so that they can enjoy the benefits of home ownership.

FAQ

1) Is it possible for the consumer to apply for a Corporation Bank housing loan while receiving PMAY benefits?

Corporation Bank provides housing loans to the Economically Weaker Section (EWS) and Low-Income Group (LIG) under the Pradhan Mantri Awas Yojana (PMAY) scheme 

2) How long does it take Corporation Bank to process a home loan?

Corporation Bank will do the background check and authorise the loan in 3–7 working days after the application is submitted.

3) Does Corporation Bank offer no rejection home loans?

Because house loans are such a large investment for the bank, they will thoroughly investigate the application and will reject any loan applications that do not meet their eligibility standards.

4) Is property insurance required when applying for a home loan with Corporation Bank?

Yes. The borrower must take out insurance on the property for which the loan has been granted, and the cost of the insurance must be paid by the borrower.

5) Where can the customer get the details regarding Corporation bank home loans?

All the information regarding home loans is available on the Corporation Bank website, or the customer can obtain it by visiting a local branch. The customer can also acquire more information by contacting Corporation Bank’s home loan customer service.