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.
At least 18 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @75% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan up to 20 years
Alternatively add your parents
|Loan Tenure||30 years|
|Processing Fees||0.50% of the loan amount – Maximum of Rs.20,000/-|
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.
The Central Home Loan Scheme can be availed for the following purposes:
The following eligibility criteria must be fulfilled when applying for a home loan with Central Bank of India:
The following documents are required when applying for a central home loan:
Loan Margin: Central Bank of India offers home loans at following margins:
Up to Rs.20 lakh – 10%
Above Rs.20 lakh – 20%
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.
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 01.10.2018. The MCLR announced by Central Bank of India is:
|Loan Tenor||Existing MCLR|
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.
Central Bank of India will provide you a margin of 20% on a loan of Rs.25 lakh.
The bank will levy an interest rate of 10.25% on loan of Rs.40 lakh with a tenure of 7 years.
The bank charges 0.50% of the home loan amount is charged, up to a maximum of Rs.20,000, as processing charges.
No, the bank does not charge any prepayment charges on home loans take on floating rates.
Yes, the bank allows a loan take over from another bank based on certain set of terms and conditions.
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