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

    We found 1 Central Bank of India Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% Fixed
    0.5% (max. ₹20,000) One time fee
    20L - 75L
    30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Central Bank of India Home Loan is Rated as "Excellent!" by 41 Users

    Fees & Charges

    Promised Interest Rate

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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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    02
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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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    03
    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 28 May 2017

    Central Bank of India Home Loan Details
    Interest Rate 8.40%
    Loan Tenure 30 years
    Guarantor Requirement Required
    Processing Fees 0.50% of the loan amount – Maximum of Rs.20,000/-

     

    Central Bank of India Home Loan

    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:
    • 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 January 1, 2017. The MCLR announced by Central Bank of India is:

    Loan Tenor Existing MCLR Revised MCLR
    Overnight 8.90% 8.05%
    1 month 9.20% 8.35%
    3 months 9.25% 8.40%
    6 months 9.30% 8.45%
    1 year 9.35% 8.50%

    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.

    Central Bank of India Home Loan FAQ:

    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

       
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  • Central Bank of India Home Loan Reviews

    • Central Bank of India Home Loan
      "Housing loan is too good"
      0.5 5.0/5 "Blown Away!"
      Central bank of India housing loan process is good and customer service is also very good. I had taken loan on time. It was pretty easy for me . I went to the branch they themselves completed all my formalities and it was not a difficult task for me. Its an ongoing loan the tenure was 20 years. I guess they have revised the rate too.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Feb 09, 2017
    • Central Bank of India Home Loan
      "My feedback"
      0.5 4.0/5 "Great!"
      Central Bank of India Housing loan is very good it provides very good response. This is the first time, I had taken this housing loan. Last month despite of demonetization I was able to get a favorable response from them and they were able to process the loan with ease.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 09, 2016
    • Central Bank of India Home Loan
      "Government sector bank"
      0.5 5.0/5 "Blown Away!"
      Despite being a Government sector bank Central bank managed to offer the loan within a week's time. Their approach was very good and there was no issues with them absolutely. Best of all, I am allowed to make a lumpsum payment against the loan amount, also any time I can make a preclosure. I have taken this loan for a period of 20 years and I am left with hardly 30k to complete the loan.
      Was this review helpful? 0
      , hosur
      Reviewed on Aug 30, 2016
    • Central Bank of India Home Loan
      "Felxible repayment track!"
      0.5 5.0/5 "Blown Away!"
      Central Bank of India processed my home loan in a short time. They quoted a low interest rate for the loan process and I would like to recommend this banker to my Friends. The process was fine with them and the executive had a proper communication till the end of the process. Repayment norms are very comfortable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 10, 2016
    • Central Bank of India Home Loan
      "Good service!"
      0.5 5.0/5 "Blown Away!"
      Home loan process was hassle free with Central Bank of India. As I have my salary account with them, they have processed the home loan in a short time in the year 2011. It took around a month for them to process the loan amount. Further on the interest rate quoted was floating for the whole tenure.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 31, 2016
    • Central Bank of India Home Loan
      "Optional bank for home loan "
      0.5 3.0/5 "Satisfactory"
      When I applied for the home loan the executive of the central bank of India came late to collect the documents. They took a very long time to disburse the amount, maximum they took around 19 days. The rate of interest charged was 9.75% but the processing fee was high. If a customer visits the branch to get the loan please revert back at the earliest.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 11, 2016
    • Central Bank of India Home Loan
      "Quick processing!"
      0.5 3.5/5 "Pretty good"
      10.25% is the interest rate offered by the home loan with Central bank of India. In the year 2013, I got the loan disbursed from them. There is no phone banking services and the customer needs to visit the branch for further queries. Within 20 days of loan request, they disbursed the loan amount.
      Was this review helpful? 1
      , new delhi
      Reviewed on Feb 11, 2016
    • Central Bank of India Home Loan
      "satisfied so far...."
      0.5 5.0/5 "Blown Away!"
      My property builder is internally linked with Central Bank of India so I was supposed to home loan. And the interest rate is 10.66%. As this is floating so it might change in future. I have submitted all the papers and expecting for loan amount.
      Was this review helpful? 1
      , noida
      Reviewed on Dec 23, 2015
    • Central Bank of India Home Loan
      "Fantastic.."
      0.5 4.0/5 "Great!"
      My salary account is over Central Bank of India so for home loan they did not charge processing fee and they disbursed the loan smoothly. Central Bank of India is fantastic in support and in service rather private banks. Other than rate they are great.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 14, 2015
    • Central Bank of India Home Loan
      "Good process "
      0.5 4.5/5 "Excellent!"
      The loan process was very good with Central bank based on the home loan application process.They are providing good information about the loan process to the customer.The interest rate applied was around 9.75% for the loan.The customer service provided by central bank was good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 12, 2015
    • Central Bank of India Home Loan
      "Nice service "
      0.5 5.0/5 "Blown Away!"
      The process was very good with Central bank when i applied for a home loan.The manager was able to explain me clearly about the steps of the loan.The interest rate applied for the loan was around 9.9% for the home loan application with central bank.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Dec 08, 2015
    • Central Bank of India Home Loan
      "High rates "
      0.5 3.0/5 "Satisfactory"
      The interest rate applied was quite high.I have got the required amount in the loan.The maximum amount they do provide for home loan is around 10Lakhs.It was long procedure for getting the loan with this central Bank.I will not recommend about central Bank to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 11, 2015
    • Central Bank of India Home Loan
      "My housing loan"
      0.5 5.0/5 "Blown Away!"
      My housing loan is with Central bank of india. I am a co applicant there and my father is making the payment. The best part is they have waived off the processing fee . They are very much flexible. Even if we miss to make the pauyemt after a day or so they wont charge any charges.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 30, 2015
    • Central Bank of India Home Loan
      "Good process"
      0.5 3.0/5 "Satisfactory"
      Central Bank of India housing loan process is fine, the customer service offered by them was good. Everything has to be done after visiting the site. I have to visit the branch for anything and everything. Its an ongoing loan. We can find how much amount we have paid and the outstanding balance as they send across a statement which has got all the information and interest rate offered by them was good.
      Was this review helpful? 2
      , kolkata
      Reviewed on Oct 16, 2015
    • Central Bank of India Home Loan
      "One of the good nationalized banks"
      0.5 4.0/5 "Great!"
      I took the home loan with the central bank of india. When I took the loan the rate of interest as 10.25% and it got reduced now. I dint had experience with them and within a month of time the loan got disbursed with them. My papers are clean, so I got the loan easily. There was a scheme on that time , so the processing charges are zero.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 03, 2015
    • Central Bank of India Home Loan
      "Simplest process"
      0.5 4.0/5 "Great!"
      Central bank of India housing loan process is good. The entire process was completed with in a dayâ??s time. I am very much happy with the interest rate as its was diminishing and it was in line with other banks. Processing fee charged by them was nominal. They have offered this loan based on my property and my properly valuation was done on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 28, 2015
    • Central Bank of India Home Loan
      " Recommendable for the services"
      0.5 4.0/5 "Great!"
      Central bank of India was quick in processing the home loan. They offered 11.5% interest rate and they waived off the processing fee. Documentation process was very TDS and it was also my first experience. But i am happy with the response given by them so will also recommend the bank to others.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 26, 2015
    • Central Bank of India Home Loan
      "Best rates with best service"
      0.5 4.0/5 "Great!"
      I have directly approached the Bank for getting this Home loan.I have applied for a Home loan with Central Bank of India and the response provided was very good.They have applied interest rate around 12.99% for the loan.The documents related to the loan was quite simple and they can work on the interest.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 26, 2015
    • Central Bank of India Home Loan
      "Smooth Process"
      0.5 5.0/5 "Blown Away!"
      It was a smooth process for my home loan with Central Bank of India. The process was quick. The rate of interest was of 10.25%. They even charged a minimal fee as processing charges. The services are good. They gave a good response too.
      Was this review helpful? 1
      , karur
      Reviewed on Sep 05, 2015
    • Central Bank of India Home Loan
      "Good for middle class.."
      0.5 5.0/5 "Blown Away!"
      Easy to process the home loan and Central Bank of India is very good in customer service. At the start the interest rate was 12.75% and at present it is 9.75% where I got it for floating type. Payment date is 27th of every month and no problem in making payments because the date is convenient.
      Was this review helpful? 0
      , anand
      Reviewed on Sep 01, 2015
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