Central Bank of India Home Loan

Central Bank of India offers a wide range of housing loans such as the Cent Home Loan, Cent Home Loan Plus, Cent Home Loan to employees of Central State Govt PSU, and Cent Home Double Plus Scheme. The 1-year MCLR offered by the bank is 8.60% p.a. and the tenure of housing loans can go up to 30 years.

Central Bank of India Home Loans Scheme

Cent Home Loan

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Key Highlights

• 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.

Applicant category	Interest rate (p.a.)	Processing fee
Individuals/Group of Individuals/NRIs/Cooperative Societies	8.60% onwards	0.50% of the loan amount (max. Rs.20,000+tax)

Cent Home Loan Plus

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Key Highlights

• For existing borrowers who have promptly paid their mortgage EMIs for a minimum of 3 years.
• Maximum loan amount of Rs.10 lakh.
• Loan repayment period up to 10 years.

Applicant category	Interest rate (p.a.)	Processing fee
Existing housing loan borrowers	8.60% (for renovations) 1% more on existing rates (for refurbishment/purchasing TV, furniture, etc.	Rs.500 for each loan

Cent Home Loan to Employees

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Key Highlights

• All permanent Central Bank of India, State Governments, and PSUs of Central Government are eligible.
• No guarantor required.
• Processing fees waived if employers hold a salary account with the bank.

Applicant category	Interest rate (p.a.)	Processing fee
Permanent employees of Central Bank of India, State Governments, and PSUs of Central Government	8.60% onwards	0.50% of the loan amount (max. Rs.20,000+tax) Waived on maintaining a salary account with the bank

Cent Combo Scheme

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Key Highlights

• 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	Interest rate (p.a.)	Processing fee
All applicants	Home Loan: Concession of 0.25% across loan slabs (min. MCLR will be applicable) Vehicle Loan: Concession of 0.5% across loan slabs (min. MCLR will be applicable) MCLR: 8.60% onwards	0.25% of the entire loan amount (max. Rs.20,000+tax)

Cent Home Double Plus Scheme

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Key Highlights

• 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	Interest rate (p.a.)	Processing fee
All applicants	8.60% onwards	0.50% of the entire loan amount (max. Rs.20,000+tax)

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

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Key Highlights

• 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	Interest rate (p.a.)	Processing fee
All applicants	9.60% onwards	0.50% of the entire loan amount (max. Rs.20,000+tax)

Use BankBazaar Home Loan EMI Calculator to Know Your EMI

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%.

Benefits of PMAY scheme

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.