Central Bank of India Home Loan

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.

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 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.

• 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.
• Individuals/Group of Individuals/NRIs/Cooperative Societies are eligible

1. Cent Home 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. (10 years in case of repair or renovation)

   Applicant category	Existing housing loan borrowers
   Interest rate (p.a.)	7.25% p.a. to 7.35% p.a.
   Processing fee	Rs.500 for each loan

2. Cent Home Loan to Employees
   • All permanent employees of Central/State Governments, PSUs of Central Government are eligible.
   • No guarantor required.
   • Up to 90% of the property value for loans up to Rs.20 lakh.

   Applicant category	Permanent employees of Central Bank of India, State Governments, and PSUs of Central Government
   Interest rate (p.a.)	Contact the bank
   Processing fee	0.50% of the loan amount (max. Rs.20,000+tax) Waived on maintaining a salary account with the bank

3. Cent Combo Scheme
   • A concession is given if housing loan and vehicle loan are availed together.
   • Applicants with a minimum annual income of Rs.4 lakh in the last two years as reflected in their IT Return can apply.
   • The maximum loan amount is Rs.40 lakh.

   Applicant category	All applicants
   Interest rate (p.a.)	Contact the bank
   Processing fee	0.25% of the entire loan amount (max. Rs.20,000+tax)

4. Cent Home Double Plus Scheme
• 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.

Applicant category	All applicants
Interest rate (p.a.)	7.25% p.a. to 7.35% p.a.
Processing fee	0.50% of the entire loan amount (max. Rs.20,000+tax)

5. Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
   • 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.

   Applicant category	All applicants
   Interest rate (p.a.)	8.25% p.a. to 8.35% p.a.
   Processing fee	0.50% of the entire loan amount (max. Rs.20,000+tax)

Cent Home Loan EMI Calculator

You can ascertain your future mortgage 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.

Once you have entered the required parameters, the EMI will be calculated instantly. You can also see a detailed amortisation table that will help you understand how your EMI amount is posted towards principal and interest repayment on a monthly and yearly basis.

Central Bank of India Home Loan Eligibility Criteria

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:

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%.

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)

Central Bank of India Home Loan FAQs

1. 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.

2. 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.

3. 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.

4. 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.