A "low interest" loan shouldn't mean you have very little interest in paying it back!
The Cent Home Loan Plus is a type of home loan offered by the Central Bank of India to existing home loan borrowers of the bank. You can apply for this loan if you have been paying your EMIs (equated monthly instalments) consistently for a period of 3 years. The interest rate starts from the bank’s existing home loan rate with a processing fee of Rs.500.
The interest rates on this home loan will depend on the purpose of use of the loan amount.
If you’re using the loan amount for renovation purposes, then the interest rates applicable will be the same rates offered on the housing loan scheme, which are as follows:
| Risk Weight of the Applicant | Interest Rate |
|---|---|
| Low | RLIR + 0.30% |
| Medium | RLIR + 0.40% |
To know the current RLIR (Repo Linked Interest Rate), please contact Central Bank of India.
If you are using the home loan amount to purchase furniture, home theatre, TV, for refurbishment, etc. then the interest rate will be 1% more than the existing home loan rate.
If you are an existing housing loan borrower looking to apply for this loan, then here are the features and benefits:
You need to meet two specific criteria to apply for this housing loan:
When applying for a housing loan from Central Bank of India, there are certain documents to be submitted. The bank usually asks applicants to submit the following documents:
If you are an existing Central Bank of India home loan borrower, then you can make use of this top-up loan to meet your additional home requirements.
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