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  • Cent Home Loan Plus

    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.

    Cent Home Loan Plus Interest Rates

    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.

    Features and Benefits

    If you are an existing housing loan borrower looking to apply for this loan, then here are the features and benefits:

    • You can use the loan amount for renovation, refurbishment, or purchasing furniture for your house including TV, home theatre, and more.
    • You can borrow up to Rs.10 lakh under this loan.
    • You can repay the loan in 10 years.
    • The processing fees charged on this loan is Rs.500.
    • The mortgage that you have on the existing property will be extended to the Cent Home Loan Plus loan.

    Eligibility Criteria

    You need to meet two specific criteria to apply for this housing loan:

    • You must be an existing Central Bank of India housing loan borrower and
    • You have paid your EMIs (equated monthly instalments) consistently for the past 3 years.

    Documents Required

    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:

    • Latest 1 month’s original salary slip or salary sheet.
    • Undertaking from you to rout salary through bank account with maintained with the bank.

    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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