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A "low interest" loan shouldn't mean you have very little interest in paying it back!
The home loan eligibility of Central Bank of India depends on a number of factors such as age and credit risk. The quantum of loan offered also depends on various factors such as the income and repayment capacity. The bank offers home loans with attractive interest rates and a maximum repayment tenure of 30 years and a moratorium period of up to 2 years.
The home loan eligibility criteria for Central Bank of India are as given below:
| Age | 18 years |
| Employment Type | Salaried individuals Non-salaried business people or professionals |
| Loan-to-Value (LTV) Ratio | 75% to 90% |
Central Bank of India’s home loan is offered to those who have a stable source of income. It can also be applied for jointly with a parent, spouse, or adult child who also has a stable source of income. The interest rates are linked to the Repo Based Lending Rate (RBLR).
The Central Bank of India’s home loan eligibility calculator given below will give you a clear picture of the loan amount that you are eligible for based on the monthly income taking into consideration a repayment tenure of 30 years with an interest rate of 6.85% p.a. (which is the starting interest rate for Central Bank of India’s home loans).
| Monthly Income | Loan Amount |
| Rs. 25,000 | Rs.15,26,114 |
| Rs. 30,000 | Rs.20,60,253 |
| Rs. 35,000 | Rs.24,03,629 |
| Rs. 45,000 | Rs.30,90,380 |
| Rs. 50,000 | Rs.34,33,756 |
| Rs. 55,000 | Rs.41,96,812 |
| Rs. 60,000 | Rs.45,78,341 |
| Rs. 65,000 | Rs.49,59,869 |
| Rs. 70,000 | Rs.53,41,398 |
| Rs. 75,000 | Rs.57,22,926 |
Central Bank of India’s home loans have a repayment tenure of up to 30 years. The earlier a loan is taken, the longer will be the repayment tenure and vice versa. Given below is the maximum eligible tenure according to the different ages.
| Applicant’s Age | Maximum Eligible Tenure |
| 21 years to 30 years | 30 years |
| 31 years | 29 years |
| 32 years | 28 years |
| 33 years | 27 years |
| 34 years | 26 years |
| 35 years | 25 years |
| 36 years | 24 years |
| 37 years | 23 years |
| 38 years | 22 years |
| 39 years | 21 years |
| 40 years | 20 years |
| 41 years | 19 years |
| 42 years | 18 years |
| 43 years | 17 years |
| 44 years | 16 years |
| 45 years | 15 years |
The Loan to Value (LTV) ratio is the quantum of loan that is disbursed based on the value of the property that you intend to purchase. The LTV ratio for different loan amounts for salaried individuals is as given below:
| Loan Amount | LTV Ratio |
| Up to Rs.30 lakh | 90% |
| Between Rs.30 lakh to Rs.75 lakh | 80% |
| Loans above Rs.75 lakh | 75% |
The LTV ratio for different loan amounts for non-salaried individuals is as given below:
| Loan Amount | LTV Ratio |
| Up to Rs.75 lakh | 80% |
| Loans above Rs.75 lakh | 75% |
Your home loan eligibility is dependent on your credit score. The higher your credit score, the lower your interest rate and vice versa. Here are the ratings for different credit scores:
| Rating | Credit Score |
| Good | 725 and above |
| Average | 701 to 750 |
| Poor | 675 to 725 |
Central Bank of India has different Minimum Credit Information Company (CIC) threshold limits for different credit rating agencies which is as given below:
| Credit Rating Agency | Minimum Limit |
| Experian | 700 |
| CRIF | 675 |
| TransUnion CIBIL | 675 |
Central Bank of India Home loan Eligibility for Women
The eligibility criteria for women are the same as for other applicants.
Central Bank of India Home loan Eligibility for Co-Applicant
Central Bank of India accepts co-applicants if they are the applicant’s spouse, adult child, or parent.
Central Bank of India’s home loan eligibility is determined by the factors given below:
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