Central Bank of India Home Loan

Central Bank of India Home Loans starting at just 8.45% p.a.

Central Bank of India offers a comprehensive home loan solution tailored to meet the diverse needs of prospective homeowners. Read More...

Central Bank of India Home Loan Highlights

Loan Amount	Upto ₹30 lakh
Tenure	Upto 30 years
Rate of Interest	8.45% onward
Processing Fee	Upto 0.5% of the loan amount
Max Tenure	30 years
Foreclosure Charges	Nil

Central Bank of India Home Loans Comparison Table

Compare Central Bank of India Home loan interest rates with other lenders to find the best deal. See how Central Bank of India competitive rates stack up in our comprehensive comparison table.

Name of Lender	Amount Up to	Interest Rate	Tenure
Axis Bank	₹10 cr	8.75% Onwards	Up to 20 years

Central Bank of India Home Loan EMI calculator

Enter the loan amount, interest rate, and loan tenure into the Central Bank of India home loan EMI calculator below to determine your monthly EMI and the total interest due over the loan period.

Principal: ₹50,00,000

Rate of Interest: 9%

Tenure (in months): 120

EMI: ₹63,337.89

Total interest: ₹26,00,546.8

Total principal: ₹50,00,000

Eligibility Criteria for Central Bank of India Home Loan

Individuals, group of individuals (18 years of age on date of application), and including co-operative societies with identified, legal, regular income source either alone or jointly with spouse, parents, son

NRI can also apply for the home loan

Net Annual Income:

Net Annual Income	EMI/NMI Ratio
Up to Rs 1.20 lakh	20%
Above Rs 1.20 lakh up to Rs 3 lakh	30%
Above Rs 3 lakh up to Rs 5 lakh	55%
Above Rs 5 lakh up to Rs 8 lakh	60%
Above Rs 8 lakh up to Rs 10 lakh	65%
Above Rs 10 lakh	66.67%

Types of Central Bank of India Home Loan

Cent Grih Lakshmi

Purpose: Home loan for women applicants wherein the sole or primary applicant is women

Tenure: Up to 30 years

Minimum Credit Score:

CIBIL/CRIF: 725 or above
Experian: 750 or above

Note: Borrowers with NIL/insufficient credit history are also considered

EMI Waivers*:

Tenure	EMIs Waived
30 years	05 EMIs
25 years	04 EMIs
20 years	03 EMIs

*offered only on regular repayment throughout the loan tenure.

Cent Home Loan

This is a regular home loan scheme offered for the following purposes:

Purpose:

For acquiring/construction of new home or flat, or for acquiring existing home or flat with remaining life of 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

Loan Amount (LTV Ratio):

Borrower Type	Loan Amount	LTV Ratio
Salaried	Up to Rs 30 lakh	Up to 90% of cost of property
Salaried	Rs 30 lakh - Rs 75 lakh	Up to 80% of cost of property
Salaried	Above Rs 75 lakh	Up to 75% of cost of property
Non-Salaried	Up to Rs 75 lakh	Up to 80% of cost of property
Non-Salaried	Above Rs 75 lakh	Up to 75% of cost of property

For carrying out repair/renovation/alteration/extension of existing house/flat: Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh)

Purchasing plot for house construction: Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property)

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

Loan Amount (LTV Ratio):

Borrower Type	Loan Amount	LTV Ratio
Salaried	Up to Rs 30 lakh	Up to 90% of cost of property
Salaried	Rs 30 lakh - Rs 75 lakh	Up to 80% of cost of property
Salaried	Above Rs 75 lakh	Up to 75% of cost of property
Non-Salaried	Up to Rs 75 lakh	Up to 80% of cost of property
Non-Salaried	Above Rs 75 lakh	Up to 75% of cost of property

For carrying out repair/renovation/alteration/extension of existing house/flat: Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh)

Purchasing plot for house construction: Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property)

Tenure: Up to 30 years

Cent Home Loan Scheme for Purchasing 3rd or 4th House/Flat

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

Loan Amount (LTV Ratio):

Borrower Type	Loan Amount	LTV Ratio
Salaried	Up to Rs 30 lakh	Up to 90% (For construction/purchase of new or existing flat/extension of new or existing flat)
Salaried	Above Rs 30 lakh - Rs 75 lakh	Up to 80% (For construction/purchase of new or existing flat or home/extension of existing flat/house)
Salaried	Above Rs 75 lakh	Up to 75% (For construction/purchase of new or existing flat/extension of existing house/flat/plot purchase)
Non-Salaried	Up to Rs 75 lakh	Up to 80% (For construction/purchase of new or existing flat/extension of new or existing flat)
Non-Salaried	Above Rs 75 lakh	Up to 75% (For construction/purchase of new or existing flat or home/extension of existing flat/house)

Tenure:

For construction/purchase of 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 borrower

Top-up Facility to Cent Home Loan Beneficiaries

Purpose: Home loan top-up facility for additional loan on the existing home loan for construction/purchase of new house or flat or for acquiring existing home/flat and for repair/renovation/alteration of existing home/flat

Loan Amount (LTV Ratio):

Borrower Type	Loan Amount	LTV Ratio
Salaried	Up to Rs 30 lakh	Up to 90% of the cost of property
Salaried	Rs 30 lakh - Rs 75 lakh	Up to 80% of cost of property
Salaried	Above Rs 75 lakh	Up to 75% of cost of property
Non-Salaried	Up to Rs 75 lakh	Up to 80% of cost of property
Non-Salaried	Above Rs 75 lakh	Up to 75% of cost of property

For carrying out repair/renovation/alteration/extension of existing house/flat: Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh)

Purchasing plot for house construction: Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property)

Tenure:

Up to 30 years or 75 years of age of the borrower
For repair/renovation: Up to 10 years

Central Bank of India Home Loan Processing Fees and Charges

Central Bank of India Home Loan Processing Fees

Central Bank of India Home Loan Prepayment charges

Upto 0.5% of the loan amount

How to Apply for Central Bank of India Home Loan?

Prospective borrowers interested in an Central Bank of India home loan have the option to apply online either through the bank's official website, as outlined below:
Apply here

Via the Central Bank of India Official Website

Visit the Central Bank of India Home Loan official website.
Click on Apply now
Enter the necessary details to determine the eligible loan amount.
Complete the required information on right side and tap "Submit".

Documents Required for Central Bank of India Home Loan

Following is the list of documents required for different categories of customers

Central Bank of India Home Loan list of documents for Salaried

Central Bank of India Home Loan list of documents for Self-employed professionals

Central Bank of India Home Loan list of documents for Self-employed

Central Bank of India Home Loan list of documents for Farmers

Central Bank of India Home Loan list of documents for NRIs

Central Bank of India Home Loan list of documents for Salaried

Identity and residence proof (KYC), such as an Aadhaar, PAN card, or Voter ID card.
Income proof, such as the last 3 months salary slip, the latest Form 16, and a six-month bank statement.
A Cheque for The Processing Fee for The Loan Application.
Property Documents Such as Sale Deed, NOC From the Builder or Housing Society, Advance Payment Receipt to The Builder, And Approved Construction Plan.

Property Related Documents

For New Home

Allotment letter copy/Buyer agreement
Payment receipt made to the developer

For Resale Home

Title deeds including previous chain of property documents
Agreement to sell copy
Initial payment receipt made to the seller

For Construction

Title deed of plot
Copy of the plan approved by Local Authorities
No encumbrance proof on the property
The total estimate of construction by a Civil Engineer/Architect

Central Bank of India Home Loan FAQ’S

Here are some of the frequently asked questions with regards to Central Bank of India Home Loan

What is the current interest rate for Central Bank of India home loans?

Central Bank of India offers home loans starting from 8.45% p.a., varying based on the applicant's credit profile.

How do I calculate the interest cost for my Central Bank of India home loan?

You can determine the interest cost using the Central Bank of India Home Loan EMI Calculator. Simply input your loan amount, tenure, and interest rate into the calculator to obtain instant results.

What factors contribute to the fluctuation of Central Bank of India home loan interest rates?

Central Bank of India adjusts its housing loan rates in accordance with the repo rate. Changes in the repo rate prompt adjustments in the rates for existing Central Bank of India home loan borrowers. Additionally, Central Bank of India may modify the spread over benchmark rates during special or festive home loan offers.

Who is eligible to be a co-applicant for an Central Bank of India Housing Loan?

Co-owners of the property must also be co-applicants for the Central Bank of India Housing Loan. However, not all co-applicants need to be co-owners; close family members are typically permitted as co-applicants.

Can I make early payments toward my outstanding home loan amount?

Yes, partial or full prepayment of your home loan amount is allowed before the loan tenure ends. Central Bank of India does not impose prepayment charges on home loans with floating interest rates.

How can I lower my Central Bank of India Home Loan interest rate?

You can reduce your Central Bank of India Housing Loan interest rate by transitioning from a higher interest rate to a lower one. Central Bank of India charges a conversion fee for rate reductions, or alternatively, you can transfer your home loan to another lender offering lower rates.

What are the pre-closure charges for Central Bank of India home loans?

Kotak Mahindra Bank does not levy prepayment fees on home loans with floating interest rates. For fixed-rate home loans, prepayment incurs a fee on the outstanding loan amount plus applicable taxes, except when using own sources for pre-closure.

What is the disbursement process for Central Bank of India Home Loans?

After property and document verification and completion of the 'own contribution' or down payment, Central Bank of India sanctions the home loan. Disbursement can be requested online or offline and is contingent on construction progress.

Is my spouse's income considered in calculating the home loan amount?

Yes, your spouse's income can bolster your home loan eligibility. Your spouse must provide income documents to Central Bank of India for consideration.

What is the minimum credit score required for Central Bank of India Home Loan applicants?

While Central Bank of India doesn't specify a minimum credit score, it offers lower rates to applicants with scores of 750 and above.

Can I secure home loan approval while still deciding on a property?

Yes, you can apply for pre-approved home loan facilities based on your financial status, creditworthiness, and income. Property selection must occur within 6 months of loan sanction.