Central Bank of India Home Loan
Central Bank of India offers home loans starting at 7.35% per annum with repayment periods of up to 30 years. You can borrow up to 90% of the property value for loans up to Rs. 30 lakh. The processing fee is 0.50% of the loan amount, capped at Rs. 20,000. A moratorium period of up to 36 months is available. The loan can be used for buying a home, purchasing a plot, or renovating an existing property.
We found 1 Central Bank of India Home Loan
Balance Transfer
Central Bank of India Home Loan
Loan Amount
:₹20L -₹75L
Floating
:8.35% - 9.35%
Tenure
:1 - 30 Years
Processing Fee
:1.00%(Min ₹ 10,000)
See Less
Documents
- KYC-PAN, address & ID proof
- Income proof, bank statement and one photograph
What you'll love
- No guarantor required
- No pre-closure and part payment fee
Perks
Balance Transfer
Top-up Loan Available
Part-Payment Available
No Guarantor Required
Door Step Service
E-Approval
Think about
- Application available only in branch
- This Company is not a partner. Visit its website/branch office for more details. Trademarks, logos and other intellectual property belong to their respective owners.
Central Bank of India Home Loan Details
Central Bank of India offers different home loan schemes at attractive rates of interest. The loan amount can be used for purchase of flats, construction of a new house, buying your third or fourth residential property, etc.
REPO Rate | 5.50% |
Loan Amount | Up to 90% of the cost of the home |
Processing Fees | NIL or up to 0.50% |
Penal Interest Rate | - |
Prepayment/Foreclosure Charges | NIL for floating rate home loans |
Max Tenure | 30 Years |
Rate Packages Available | Floating |
Compare: Home Loan Interest Rate all Banks
Know more about the home loan fees and charges before you apply for a loan.
Central Bank of India Home Loan Interest Rates
The bank offers floating rates of interest with its home loan schemes. Contact your nearest Central Bank of India to know more about the interest rates offered by the bank.
Central Bank Home Loan Schemes | Interest Rate |
Cent Home Loan | 7.65% p.a. to 8.90% p.a. |
Cent Home Loan Double Plus | 8.70% p.a. to 9.40% p.a. |
Cent Home Loan scheme for purchasing 3rd or 4th House/Flat | 8.40% p.a. to 9.30% p.a. |
Cent Grih Lakshmi | 7.35% p.a. to 8.50% p.a. |
Central Bank of India Home Loans Scheme
Central Bank of India offers a wide range of housing loans such as the Cent Home Loan, Cent Home Loan to employees, Cent Combo, Cent Home Double Plus scheme and Cent Home Loan scheme for purchasing 3rd or 4th house/flat.
Key Highlights
- Applicant category: Individuals/Group of Individuals/NRIs/Cooperative Societies
- Interest rate: 7.35% p.a. onwards
- Processing fee: 0.50% of the entire loan amount (max. Rs.20,000+tax)
- Get up to 90% of the value of the house up to Rs.30 lakh.
- Applicants from 18 years of age can avail this loan.
- Non-resident Indians are also eligible to apply.
- Cent Home Loan
- Applicant category: Existing housing loan borrowers
- Interest rate: 7.65% p.a. to 8.90% p.a.
- Processing fee: Rs.500 for each loan
- Can avail moratorium for a period of up to 36 months.
- Quantum of loan depends on the value of the property and the repayment capacity of the borrower
- Loan repayment period is 30 years. (ten years in case of repair or renovation).
- Cent Home Double Plus Scheme
- Applicant category: All applicants.
- Interest rate: 8.70% p.a. to 9.40% p.a.
- Processing fee: 0.50% of the entire loan amount (max. Rs.20,000+tax)
- Can be availed as an overdraft facility or as term loan depending on the purpose.
- Applicants above 18 years of age can apply.
- Repayment period up to 30 years.
- Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
- Applicant category: All applicants.
- Interest rate: 8.40% p.a. to 9.30% p.a.
- Processing fee: 0.50% of the entire loan amount (max. Rs.20,000+tax)
- Can be availed on house/flat which is not more than 40 years and the remaining life of the property is 10 years more than the repayment period.
- Can be availed individually or jointly.
- The repayment period can range from 25 to 30 years.
- Cent Grih Lakshmi
- Applicant category: Women.
- Interest rate: 7.35% p.a. to 8.50% p.a.
- Processing fee: 0.50% of the entire loan amount.
- The loan repayment period is 30 years.
Cent Home Loan EMI Calculator
You can ascertain your future mortgage Equated Monthly Installment (EMI) amount by using the Home Loan EMI Calculator available on the BankBazaar website. You will be asked to enter a few details such as the loan amount, the tenure of the loan, the interest rate, and the processing fee to calculate the EMI.
The required parameters must be entered, and the EMI will be calculated immediately. In order to better understand how your EMI payment is applied to principal and interest repayment on a monthly and annual basis, you can also view a complete amortisation table.
Central Bank of India Home Loan Eligibility Criteria
Eligibility criteria | Requirements |
Minimum age of the applicant | 18 years |
Maximum age of the applicant | 70 years |
Residency status | Residents of India/Non-residents of India (Depending on the type of loan) |
Type of employment | Salaried/Self-employed |
Documents Required for All Home Loan Applicants Under Central Bank of India
Generally, when you apply for a housing loan, you will be required to submit the below documents:
Any one identity proof | Copy of valid passport/ PAN Card/ Driving license/ Election Card/ Aadhaar Card |
Any one address proof | Aadhaar Card/ Copy of utility bills/ Voter ID/ Driving license/ Copy of valid passport |
Proof of income | Latest Form 16 or Income Tax (IT) Returns/ Recent salary slips |
Other documents (Not all documents are mandatory. The bank will give you a list of all the mandatory documents) | Valuation certificate issued by the approved valuer/ NOC from the housing society/ Agreement for construction with Develop/Builder/ Sale agreement/ Original property title deeds/ Approved construction plan |
Central Bank of India Pradhan Mantri Awas Yojana
Introduced in 2015, the Pradhan Mantri Awas Yojana is a scheme offered by the Government of India. The scheme aims at providing affordable housing schemes to the urban and rural poor population in the country.
Central Bank of India offers housing loans for eligible applicants under the Pradhan Mantri Awas Yojana. The Credit Linked Subsidy Scheme (CLSS) under this scheme provides interest rate subsidy for eligible applicants. Depending on the income group the applicants fall under, the subsidy may range from 3% to 6.50%.
Benefits
The benefits of this scheme depend on the income category of the beneficiary. The eligible categories are:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Middle Income Groups (MIG -I & MIG - II)
FAQs on Central Bank of India Home Loan
- What is the maximum loan amount provided by Central Bank of India?
There is no maximum loan amount capped by the Central Bank of India and the maximum limit is decided by the bank depending on repayment capacity of the borrower.
- Can I get tax benefits from Central Bank of India Bank Home Loan?
The principal repayment allowed on home loan up to Rs.1.50 lakh as a benefit of deduction from the gross total income according to Section 80C read with section 80CCE of the Income Tax Act, 1961.
- At what minimum credit score can the applicants avail home loans from Central Bank of India?
The minimum credit score required for applicants to avail themselves of home loans from Central Bank of India is 675 and for CRPF and Experian the rates ranges between 675 and 700, respectively.
- How Can I apply for Central Bank of India home loan?
You can apply for Central Bank of India home loan by either visiting the official website or by visiting the bank branch and submit dully filled and signed application form along with other required documents.
- Does Central Bank of India Bank facilitate balance home loan transfer?
Yes, Central Bank of India facilitates home loan transfer under certain conditions under which home loan borrowers can transfer their home loan of another bank to Central Bank of India.
- Can I top up my existing Central Bank Home Loan?
Yes, ‘Topup Facility to Cent Home Loan Beneficiaries’ is offered as home loan top-up by the Central Bank of India to the existing home loan borrowers.
- What are processing fees on Central Bank of India Home Loans?
The processing fee charged by the Central Bank of India on home loan is 0.50% of the loan amount or maximum of Rs.20,000.
- What is the maximum loan repayment period for Central Bank of India home loans?
The maximum loan repayment period for Central Bank of India home loan is 30 years.
- Is there penalty for prepaying the Central Bank of India Home Loan?
No, penalty will not be charged for prepaying the Central Bank of India home loans.
- I have a floating rate home loan with Central Bank of India. Will I be required to pay a prepayment fee if I make a lump sum payment?
No. Central Bank of India does not charge a prepayment penalty on floating rate housing loans.
- How do I contact the Central Bank of India?
You can reach the Central Bank of India customer service by dialing 1800 22 1911. This is a toll-free number available 24/7.
- Does the Central Bank of India offer a top-up loan for existing borrowers?
Yes. Based on your eligibility, the bank offers a top-up loan as an overdraft facility. The minimum loan amount is Rs.2 lakh and the maximum amount is Rs.5 lakh.
- Can I transfer my existing home loan to Central Bank of India?
Yes. You can transfer your current housing loan from another lender to Central Bank of India. Get in touch with the bank to know more about the terms and conditions and charges involved.
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