A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Central Bank of India Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.35% Fixed
    0.5% (max. ₹20,000) One time fee
    20L - 75L
    30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Eligibility Criteria

    Central Bank of India Home Loan is Rated as "Excellent!" by 39 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. It is based in Mumbai. The bank has 4100 branches and 270 extension counters across 27 Indian states and three Union Territories. A number of innovative and unique banking activities have been launched by Central Bank of India. Central Bank of India is India's leading home loan provider offering home loans at fixed & flexible rate of Interest. Continue reading to know more about EMI, Documention and interest rates of Central Bank of India.


     

    You’re probably eligible for an Central Bank of India Home Loan if you are

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    Central Bank of India Home Loan Minimum Age

    At least 18 years old

    Central Bank of India Home Loan Maximum Age

    Less than 60 years old

    Central Bank of India Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Central Bank of India Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Central Bank of India Home Loan amount eligibility is based on these factors

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    Central Bank of India Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Central Bank of India Home Loan Maximum Loan to property value

    Loan capped @75% of property value

    Central Bank of India Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Central Bank of India Home Loan amount by these steps

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    Central Bank of India Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Central Bank of India Home Loan Maximum Tenure

    Choose longer tenure loan up to 20 years

    Central Bank of India Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Central Bank of India Home Loan

    • 1. Signed application form with photograph
    • 2. Latest bank statements
    • 3. Processing fee Cheque
    • 4. ID and residence proof
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Central Bank of India Home Loan Interest RatesUpdated on 27 Sep 2016

    Central Bank of India Home Loan Details
    Interest Rate 9.35%
    Loan Tenure 30 years
    Guarantor Requirement Required
    Processing Fees 0.50% of the loan amount – Maximum of Rs.20,000/-

     

    Overview of Central Bank of India:

    Central Bank of India was established in 1911 and was the first commercial bank to be completely owned and operated by Indians. The bank launched many innovative and unique banking solutions such as safe deposit locker facility, deposit insurance benefit scheme, recurring deposit scheme, home savings safe deposit scheme, among many others. After its nationalization, Central Bank further introduced additional services. It also got involved in other activities such as promotion of agricultural and small scale industries as well as medium and large industries.

    Purpose:

    The Central Home Loan Scheme can be availed for the following purposes:

    • Purchasing a new house or existing house or flat not more than 30 years.
    • For house construction.
    • For house extension of an existing flat.
    • Loan for buying a plot with a declaration from the borrower that the construction of house on the plot will be completed within two years.

    Central Bank of India Home Loan Eligibility:

    The following eligibility criteria must be fulfilled when applying for a home loan with Central Bank of India:

    • Salaried individuals, self-employed individuals or any individual with a regular and valid source of income.
    • Applicant’s age should be minimum 18 years during the time of loan application.

    Documents Required for Central Bank of India House Loan:

    The following documents are required when applying for a central home loan:

    • For salaried applicants:
      • Original employment certificate.
      • Income tax return.
      • Form 16
    • For self-employed applicants:
      • Upto Rs.10 lakh loan amount – Valid monthly or yearly income of borrower, income certificate from state level Gazetted officers can also be submitted.
    • Agriculturists - Applicants who are agriculturists and who do not file taxes can also show an income certificate from state level Gazetted officers like the Tahsildar or Revenue Department officer or the Mandal Revenue officer.
    • Above Rs.10 lakh loan amount – Applicant’s ITR should be submitted for the last years as proof of income.

    Features of Central Home Loan Scheme:

    Loan Margin: Central Bank of India offers home loans at following margins:

    Up to Rs.20 lakh – 10%

    Above Rs.20 lakh – 20%

    Loan Amount:

    • The bank provides 90% of the amount for loans that are less than Rs.20 lakh and 80% for loans that are more than Rs.20 lakh. The percentage is calculated from the construction host of the house, purchase price of a flat or house or extension of flat or house. The total cost does not include the registration charges, documentation fees, stamp duty and life insurance cover cost.
    • The bank also provides loans to cover 75% of repair costs or renovation cost or modifications of an existing house or flat up to a maximum of Rs.10 lakh.
    • The bank’s loan also provides 75% of the plot’s registered value, based on the net income. However, the plot’s cost should not cross 75% of the total housing unit’s price.

    Central Bank of India Home Loan Interest Rate:

    The floating interest rate of the bank has been listed with the base rate in mind. The base rate in vogue is 9.7%. The interest rate for various kinds of home loans with Central Bank are as follows:

    Loan Scheme Interest Rate
    Cent Home Loan Scheme 9.7% (Base rate)
    Cent Home Loan Double Plus Scheme (overdraft) 9.7% (Base rate)
    Cent Home Loan Double Plus – Repairs and Renovation 9.95% (Base rate + 0.25%)
    Cent Home Loan Plus – Refurbishment 10.7% (Base rate + 1%)

    Check with your bank on the interest rates as they are subject to revision.

    Central Bank of India MCLR:

    As per RBI mandate, the banks have introduced the Marginal Cost of Funds-Based Lending Rate (MCLR) which replaces the base rate of banks for new loans from April 1, 2016. The MCLR announced by Central Bank of India is:

    Loan Tenor MCLR
    Overnight 8.9%
    1 month 9.20%
    3 months 9.25%
    6 months 9.30%
    1 year 9.35%

    Loan Repayment:

    • A maximum period of 30 years or on applicant reaching the age of 70 years, whichever comes earlier is available on loans for house construction or purchase of flat not more than 10 years old.
    • If applicant is above 60 years old, an immediate legal heir is required to be made as the co-borrower or guarantor, with the consent of other legal heirs.
    • For houses more than 10 years old, a maximum tenure of 25 years or when applicant reaches 70 years.
    • Salaried applicants may avail an extension on repayment period may be given beyond the retirement age, up to 70 years.

    Loan Security: Central Bank of India requires you to submit the registered mortgage of the property in question. Other documents such as LIC policies, government securities, IVPs, bonds, NSCs, equivalent to 125% of the loan amount can also be provided as security to the bank.

    Loan Guarantee: For salaried applicants, there is no guarantee required irrespective of loan amount. For self-employed applicants with loans up to Rs.20 lakh, there is no guarantee required. Self-employed applicants availing loans above Rs.20 lakh, instead of guarantor, spouse, father, mother, sister or brother can apply as co-applicants.

    FAQs:

    1. If I apply for a Central Home Loan Scheme for a loan of Rs.25 lakh, what is the loan margin that I can avail?

      Central Bank of India will provide you a margin of 20% on a loan of Rs.25 lakh.

    2. I want to take a loan of Rs. 40 lakh with a loan tenure of 7 years, what is the interest rate that will be applied on my home loan from Central Bank of India?

      The bank will levy an interest rate of 10.25% on loan of Rs.40 lakh with a tenure of 7 years.

    3. What are the processing charges charged by Central Bank of India for taking a home loan?

      The bank charges 0.50% of the home loan amount is charged, up to a maximum of Rs.20,000, as processing charges.

    4. Will I have to pay any prepayment charges if I decide to make an earlier repayment on the home loan from Central Bank of India?

      No, the bank does not charge any prepayment charges on home loans take on floating rates.

    5. Is it possible that the loan is taken over from another bank and transferred to Central Bank of India?

      Yes, the bank allows a loan take over from another bank based on certain set of terms and conditions.

    News About Central Bank of India Home Loan

    • MCLR Rate Reduced By 10 BPS by Central Bank of India

      The Central Bank of India announced that it has taken the decision to reduce the Marginal Cost of Funds Based Lending Rate (MCLR) for a 1 year period by 10 basis points (BPS). This would effectively mean that the MCLR rate would drop from 9.50 per cent per year to 9.40 per cent per year. The CBI stated that this change in rate would come into effect from the 1st of July 2016, while the MCLR rates for other tenors would be revised and reduced as well. The Central Bank of India is one of the most prominent Public Sector Banks in India with a network of 4,709 branches, 4 Extension Counters, and 29 satellite offices spread out all across the country.

      4th August 2016

       

    Central Bank of India Home Loan Reviews

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