Central Bank Of India - 7.35% for Home Loan - New Purchase Home Loan

Central Bank of India

Central Bank of India is a large public sector with the lowest home loan percentage rate in India.

Currently, the bank offers home loans starting from 7.35% to 9.10% p.a.* with quick approval and an easy process.

Home loan in the Central Bank of India is quite popular with their special features and attractive rates under the various Central Bank of India home loan schemes for different income and occupation groups.

 

Interest Rate	7.35% to 9.10% p.a.*
Loan Amount (LTV Ratio)	For Salaried: Up to 90% of loan cost For Non-Salaried: Up to 80% of loan cost
Tenure	Up to 30 years
Processing Fee	NIL

 

The Central Bank of India's Interest rate depends upon:

1. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate

 

2. Type of loan opted for:

Central Bank of India also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Central Bank of India offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

Central Bank of India Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from the Central Bank of India also carry some other charges which include:

 

Processing Fee -

Central Bank of India applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

Technical and Legal Charges -

Central Bank of India also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on the Central Bank of India rule.

 

Prepayment Charges-

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to the Central Bank of India.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans.

Hence, you can prepay your home loan with the Central Bank of India at Nil charges.

 

Central Bank of India Home Loan:

Apply:

Apply for an Central Bank of India Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Central Bank of India Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

Central Bank of India Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two 2 Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for

Construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof,

profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence, and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Central Bank of India Home Loan Schemes:

1. Cent Grih Lakshmi

Purpose: Home loans to women applicants where the sole or primary applicant is women

Tenure: Up to 30 years

*offered only on regular repayment throughout the loan tenure.

 

2. Cent Home Loan

Purpose:

For acquiring/construction of a new home or flat, or for acquiring an existing home or

flat with the remaining life of the applied loan tenure plus 10 years

For renovation/repair/alteration of existing home/flat

Tenure:

Up to 30 years

For repair/renovation- Up to 10 years

 

3. Cent Home Double Plus Scheme

Purpose:

Home Loan with overdraft facility

Term Loan for Other Purposes such as repair/renovation/refurbishing or furnishing of new house/purchase of new vehicles/purchase of consumer durables/furniture/solar energy equipment/marriage/education/medical/holiday/tour

Tenure: Up to 30 years

 

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

Purpose: For construction/purchase of new house/flat or for purchase of existing house/flat which is not older than 40 years and has a remaining life of 10 years more than loan tenure

Tenure:

For construction/purchase of a new house or existing flat not older than 10 years: Up to 30 years (salaried); Up to 25 years (non-salaried) or up to 70 years of age of the borrower

For purchase of flat/house older than 10 years: Up to 25 years or 70 years of age of the age

 

 

5. Top-up Facility to Cent Home Loan Beneficiaries

Purpose:

Additional loan on the existing home loan for construction/purchase of new house or flat or for acquiring existing home/flat

For repair/renovation/alteration of existing home/flat

Tenure:

Up to 30 years or 75 years of age of the borrower

For repair/renovation- Up to 10 years

 

Frequently Asked Questions:

Q. Does the Central Bank of India offer preferential rates to women borrowers??

Ans. Yes, the Central Bank of India offers an interest rate concession of 35 bps to women borrowers with a waiver of the last few EMIs.

 

Q. Who can be the co-applicant for my home loan availed from the Central Bank of India??

Ans. Parents, sons, spouses, brothers, sisters, and daughters can be co-applicants for your home loan.

 

Q. What is the moratorium period offered to the applicants of the Central Bank of India Home Loan?

Ans. Central Bank of India offers a moratorium period of more than 18 months up to 24 months for home loan applicants.

 

Q. At what minimum credit score can the applicants avail of home loans from the Central Bank of India?

Ans. Central Bank of India requires home loan applicants to have a CIBIL score of 675.

In the case of CRIF and Experian, the home loan applicants are required to have credit scores of at least 675 and 700 respectively.