Corporation Bank General Power Of Attorney

Can you please get some information of Corp Home Premium -NRI and Power of Attorney offer by Corporation Bank?

As per your concern I will let you know Corporation Bank, Corp Home Premium -NRI and Power of Attorney facility.

Eligibility
Non-Resident Indians [NRIs] holding Indian passport or Persons of Indian Origin [PIOs] holding foreign passport, singly or jointly with close relative who can be either NRI or PIO or a Resident Indian, with independent & regular source of income and is residing abroad for a minimum period of one year.

Age of the borrower/s shall be between 18 years to 60 years; Repayment period shall not exceed retirement age in case of salaried class and 70 years of age in case of other than salaried class.

Gross income of NRI applicant and co applicant/s together shall be a minimum of Rs.10 lakhs.

Co –application of spouse is mandatory. Where spouse is also residing abroad, co application of any other close relative residing in India OR suitable third party guarantee of a person residing in India required.

In addition to spouse maximum of one Resident-close relative as co applicant may be obtained for supplementing repayment capacity.

Where property is owned by applicant’s parents/spouse who do not have independent/regular income, they should join as co applicant only, irrespective of their age

Applicant /Co applicant shall be confirmed in the service & shall have ONE year aggregate service in previous & present employment together.

Loan Amount
Area Loan Amount Loan for land
Metro & Port Town Centres Rs.500 lakh Rs.100 lakh
Urban Centres Rs.100 lakh Rs.25 lakh
Semi Urban & Rural Centres Rs.25 lakh Rs.10 lakh

Margin:
For Loans up to Rs.20 lakh
10%

For Loan of Rs.20 lakh & up to Rs.75 lakh
20%

For Loans above Rs.75 lakh
25%

SECURITY
Equitable Mortgage of House / Flat financed and co-obligation of spouse/ parents/other close relative

Age of the property : not to exceed 30 years

Conditions for POA
For execution of documents, Power of Attorney also considered, if the POA is executed by a Notary Public or any Court, Judge, Magistrate, Indian Consul or Vice Consul or representative of the Central Governments as per rules

If the POA is executed outside India, same should be authenticated by the Indian embassy

Corp Flexi loans are not considered under this variant

Address:-
Corporation Bank
Mangaladevi Temple Road
Pandeshwar
MANGALORE - 575 001
Karnataka, India

Phone:-
91-824-2861888

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Answered By StudyChaCha Member