Central Bank of India - 11.90% for Loan Against Property - Loan Against Commercial Property

Central Bank of India Loan against Property:

Central Bank of India is one of the largest HFC in the Country that offers the lowest rates on loan against property.

Currently the bank offers the loans starting from 11.90%-14.00% p.a.* with the quick approval and easy process.

The bank offers the special features and the attractive rates for different income and occupation groups.

Interest Rate	11.90%-14.00% p.a.*
Loan Amount	Up to Rs 5 crore
Tenure	Up to 10 years
Processing Fee	Up to 1% of loan amount (up to Rs 3 lakh)

 

Central Bank of India Loan against Property:

Central Bank of India allows you to fund immediate or urgent needs with a loan against property.

Central Bank of India loan against property is a secured loan that does not have any end usage restrictions.

The bank offers different types of mortgage scheme at affordable rates to eligible salaried and self- employed individuals.

Central Bank of India loan against property eligibility based on the factors like age, salary, occupation, property type and CIBIL score.

 

Factors Affecting Loan against Property Interest Rates:

Loan amount: 

Property loan rates in Central Bank of India depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest. Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

Central Bank of India offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession:

Central Bank of India may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal Purposes.

 

Central Bank of India Loan against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. Two Passport Size Photo

3. ITR of last 3 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. 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

 

For Salaried employee:

1. Filled up loan application form

2. Two 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’ pays lip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Central Bank of India LAP Schemes

1. Cent Mortgage

Purpose: To meet the personal needs of the applicants, except for speculation, real estate investments or any prohibited activity

Processing Fee: Up to 0.75% of loan amount (up to Rs 1 lakh)

Eligibility Criteria for Central Bank of India LAP

Age: 21-70 years (term loan); 21-60 years (overdraft)

Minimum gross annual income: Rs 2 lakh

Loan Amount:

Property located in rural/semi-urban area	Rs 1 lakh-Rs 5 lakh
Property located at District Headquarters in semi-urban area	Rs 1 lakh-Rs 2 crore
Property located in metro and urban area and all semi urban branches in Goa	Rs 1 lakh-Rs 5 crore

 

2. Cent Rental

Purpose: Loan facility against the security of future lease rentals for personal and business purposes, except for speculation

Loan Amount: Up to Rs 5 crore

LTV Ratio:

Unexpired Lease Tenure	LTV
3 years and less	Up to 75% of Future Lease Rental Receivables
3 to 6 years	Up to 65% of Future Lease Rental Receivables
6 to 8 years	Up to 55% of Future Lease Rental Receivables
More than 8 years	Up to 50% of Future Lease Rental Receivables

Tenure: Up to 10 years or within the unexpired lease period, whichever is lower

Processing Fee: 1% of loan amount (up to Rs 3 lakh)

Eligibility Criteria for Central Bank of India LAP

Individuals having properties in metro/urban area/semi-urban areas who have leased their property under registered lease deed,

sub-lease deed, rent deed to government/semi-government/PSUs/banks/reputed corporations/MNCs/Insurance companies, etc.

Processing Fee	1% of loan amount (up to Rs 3 lakh)
Documentation Charges	Loan amount up to Rs 50 lakh- Rs 2,500 Loan amount above Rs 50 lakh- Rs 5,000

 

Frequently Asked Questions:

Q. What is Central Bank of India loan against property rate?

Ans. Central Bank of India offers loan against property at a rate of  9.75%* with the lowest rate.

 

Q. How to increase my eligibility on Central Bank of India loan against property loan?

Ans. If your spouse or family member is earning well, you can make you’re the spouse or family member the co- applicant for your loan.

The combination of both of your income will help you in increasing your eligibility to get a loan.

 

Q. What Factors Determine the eligibility criteria of property loan from Central Bank?

Ans. The factors that determine the eligibility criteria of Central Bank of India property loan are:

Age Of the applicant

Monthly Income

Existing liabilities

CIBIL Score

 

Q. What can a Loan against Property be used for?

Ans. With a loan on property, you can use it for any purpose, similar to a personal loan.

From renovating your home, starting a business, funding medical expenses or even going on a long vacation, you can take a loan to fulfil all your needs.

 

 

Central Bank Of India Loan Against Property News - March 2023:

 

2021-10-06: Central Bank of India Partners with IIFL Home Finance

Central Bank of India has announced a strategic co-lending partnership with IIFL Home Finance.

Under the partnership, IIFL Home Finance Ltd will process credit parameters and eligibility criteria.

Central Bank of India will take into its book 80% of the SME LAP Loans under mutually agreed terms.

 

2021-06-10: Central Bank of India to become co-lending partners with Edelweiss

Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMES.

MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.

 

2021-06-09: IIFL Home Finance signs MOU with Central bank of India

IIFL Home Finance signed a MOU with Central bank of India for co-lending.

The Cential bank will be providing 80% of the loan amount of IIFL

 

2021-06-08: The Central Bank of India joined hands with Indiabulls Housing to provide Home Loans

the Central bank of India and indiabulls Housing Finance Limited entered into a partnership to provide Home Loans under

priority sector at competitive prices that will lead to a greater disbursement of Housing loans by both the entities.