Product Details
Mortgage Loan
Mangalore
A Quality Product from
Corporation Bank [View Profile]
Mangalore - India
Description :
1. Eligibility : Individuals in the age group of 18 - 60 years owning residential / commercial property [ land and/or building] and who are Income Tax Assessees.
Net monthly income of Rs.10,000/- for salaried Individuals and net annual income of Rs.120,000/- for others.
The income of close relative may be added, if he/she is a co-applicant. Where the property is in the name of a close relative, with/without income, he/she must join as co-applicant.
2. Purpose: To meet personal expenses like marriage, medical, etc.
3. Nature of Facility : Demand Loan / Term Loan
4. Loan Amount : Minimum of Rs.1,00,000/- and Maximum of Rs.25 lakhs
The maximum loan amount shall not exceed 5 times the Annual Net Income.
The annual EMI (in respect of all loans including the proposed loan) shall not exceed 50% of Annual Net Income.
5. Margin : 50% of the market value of the Property Mortgaged [As per the latest valuation report, not older than 6 month's, from the Approved Valuer of the Bank.]
6. Rate of Interest : For all tenors 13% p.a.
7. Security : Equitable Mortgage of immovable property.
Note : In case the applicant or his/her spouse has availed housing loan with the Bank, continuing security of property already mortgaged shall be obtained by maintaining not less than 25% margin on the value of the house property for the outstanding balance in the Housing Loan and 50% towards proposed Corp Mortgage Loan.
8. Guarantee : Not Mandatory.
9. Repayment : Within 60 months in Equated Monthly Instalments subject to closure of the loan before date of retirement of the applicant/s in case of salaried class.
10. Service Charges: 1.00% of the loan amount sanctioned up-front.
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Corporation Bank deals in :
Services of Personal: Savings Bank, Corp 4 - in - 1 a/c (Current a/c), Current Account, Term Deposit, ATM Locator, Loans, Home Loan + Insurance, Home Loan FAQs, BMI Calculator, Loss of share certificates 14.03.05, EGM-Notice to share holders, EGM-Paper Publication, 8th AGM of shareholders, Notice, Loss of Share Certificates 07.06.05, Investor Services, Financials, Stock Performance, Share Holding, Directors' Report, Management Discussion, Corporate Governance. Corporate: Cash Management, Forex, Term Finance, Working Capital, Project Finance, Gold Card Scheme for Exporters, Corp Fast, Corp Rental, Corp Vyapar. NRI Services: Corp Xpress Money, Corp Quick Remit, Remittances, Deposits, NRI Loans, Portfolio Services, Taxation, Forex Facilities for Residents, Forex Facilities for NRIs/PIOs, FEMA, NRI Status, Frequently Asked Questions, Help Desk.
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