Central Bank of India Home Loan
Established in the year 1911, the Central Bank of India is an Indian public sector bank based in Mumbai. For years, the bank has been fulfilling the dreams of owning a home by resident Indians as well as NRIs by offering loans at affordable rates. The interest rate of the Central Bank of India home loan starts at 8.50% per annum with a maximum loan repayment tenure of up to 30 years. Central bank allows sole/primary women borrowers to enjoy lower rates starting at 8.35% under the ‘Cent Grih Lakshmi’ scheme. The bank has been offering several home loan schemes at attractive rates of interest to suit the needs of Central Bank of India Home Loan customers.
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Central Bank of India Home Loan Highlights
Get the lowest interest rates with Central Bank of India Home Loan
| Loan Amount | Up to Rs. 30 lakh |
|---|---|
| Rate of Interest | Starts at 8.50% per annum |
| RPLR | |
| Processing Fee |
0.50% up to INR 20,000 |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floating |
| Charges for Prepayment/Foreclosure | Nil |
Central Bank of India Home Loan Interest Rates in 2024
Being a public sector bank, the Central Bank of India Home Loan is known for its affordable interest rates. The current interest rate offered by the bank 8.35% per annum. The Central Bank of India home loan is available for resident Indian citizens and Non-Resident Indians (NRIs).
Check the table below to find different home loan schemes and their Central Bank of India home loan interest rates:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Cent Grih Lakshmi (Women borrowers ) | Starts at 8.35% per annum |
| Cent Home Loan (Resident Indians and NRIs ) | Starts at 8.50% per annum |
| Cent Home Double Plus Scheme (Salaried/self-employed ) | Starts at 9.35% per annum |
| Top-up Facility To Cent Home Loan Beneficiaries (Individuals with single or joint central bank housing loan accounts) | Starts at 9% per annum |
Interest rates were last updated on 6th May 2024
Central Bank of India Home Loan Eligibility Criteria
Central Bank of India provides home loans to all resident Indian citizens as well as non-resident Indians (NRIs) of 18 years and above including salaried, self-employed, or non-salaried applicants with a regular source of income. Every applicant needs to fulfill the Central Bank of India home loan eligibility criteria as defined for each loan category.
The table below offers the complete home loan eligibility criteria of the Central Bank of India for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 years and above | 18 years and above |
| Nationality | Resident Indian citizens and Non-Resident Indians (NRIs) | Resident Indian citizens and Non-Resident Indians (NRIs) |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
Central Bank of India Home Loan Processing Fee and Charges
Banks and non-banking financial companies (NBFCs) incur a certain cost in processing home loan applications. Hence, these organizations charge a processing fee to process your loan application. The Central Bank of India home loan charges 0.50% of the loan amount as a processing fee for all applicants to process their home loan applications.
The table below highlights the updated Central Bank of India home loan processing fees for 2024:
| Processing Fee | Up to 0.50% |
|---|---|
| API Integration Charges | INR 81 + GST (for fresh proposals) |
| Documentation Charges | INR 1350 + GST |
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Central Bank of India Home Loan Schemes And Top Plans
The Central Bank of India Home Loan presents several schemes for resident Indians and NRIs to avail of affordable housing loans. Below are the top Central Bank of India home loan schemes and plans that are popular among customers:
Cent Home loan
- This home loan is available to purchase a plot of land for constructing a house
- You can also avail of this loan to purchase or construct a new house or flat as well as to renovate an existing house
- The loan can be availed by resident Indian citizens and NRIs above the age of 18 years
Cent Grih Lakshmi
- This scheme is available to women who are sole borrowers or first-named borrowers of the loan
- The scheme allows waiver of the last few EMIs
- Other terms and conditions of this scheme are similar to the regular housing loan schemes
Cent Home Double Plus Scheme
- This home loan is divided into two parts - a home loan with an overdraft facility and a term loan for other purposes
- The loan can be availed by salaried, non-salaried, or self-employed individuals
- The overdraft facility allows efficient management of cash flow and minimizes the interest burden
Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
- This loan is available to buy/construct a new house or to acquire an existing house/flat that is not more than 40 years old and has 10 years of life remaining beyond the loan tenure.
- The quantum of the loan, in this case, is based on the repaying capacity of the borrower and the value of the property
- The loan is available for both salaried and non-salaried borrowers
Top-up Facility To Cent Home Loan Beneficiaries
- A top-up loan is offered for all personal needs
- This loan is available for individuals with single or joint home loan accounts with the Central Bank
- The quantum of the loan ranges between a minimum of INR 2 lakh and a maximum of INR 100 lakh
Note: All of the above home loan plans are made available to applicants solely at the discretion of Central Bank of India Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Central Bank of India Home Loan
Below is a list of Central Bank of India home loan documents required to be produced by an applicant:
Documents Required for Salaried Applicants
- Original Salary slip/salary Certificate and proof of other income
- Form no 16 or the latest Income Tax Return or Income Tax Assessment Order
- Latest IT return
- Bank statements
- Duly filled home loan application form
- Recent passport-size photographs
- Cheque for processing fee in favor of the Central Bank of India
Documents Required for Self-Employed Applicants
- Original Salary slip/salary Certificate and proof of other income
- Form no 16 or the latest Income Tax Return or Income Tax Assessment Order
- Latest IT return
- Bank statements
- Duly filled home loan application form
- Recent passport-size photographs
- Cheque for processing fee in favor of the Central Bank of India
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find Central Bank of India Home Loan Offices Near You
If you are willing to avail of a Central Bank of India home loan offline, you may visit one of the offices of the bank near you to know and understand their offers in detail. Alternatively, you can seek assistance from the team of BASIC Home Loan by filling in a Free Consultation form and our team will assist you with the needful.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
The interest rate on Central Bank of India home loans runs from 8.50% p.a. to 9.50% p.a. with a maximum loan length of 30 years.
Depending on the eligibility of the applicant, the Central Bank of India offers a top-up loan for existing borrowers as an overdraft facility with a minimum amount of INR 2 lakh and a maximum amount of INR 100 lakh as the quantum of loan to be borrowed.
The Central Bank of India provides financial assistance to women borrowers under the project ‘Cent Grih Lakshmi’ with an ROI ranging from 8.35% to 9.25% per annum.
Central Bank of India accepts co-applicants if they are the applicant's spouse, adult child, or parents.
Central Bank home loans can be applied online and offline by resident Indian citizens as well as NRIs of 18 years and above. You can visit the official website of the Central Bank of India to avail of the loan. Alternatively, you may apply for the same through the BASIChomeloan online portal.
The minimum credit score required for applicants to obtain house loans from the Central Bank of India is CIBIL 700.