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Central Bank Home Loan

Central Bank of India Home Loan
Loan Amount:₹20L -₹75L
Floating:8.35% - 9.35%
Tenure:1 - 30 Years
Processing Fee:1.00%(Min ₹ 10,000)
Interest Rate range:8.35% - 9.35%

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REPO Rate

6.50%

Loan Amount

Up to 90% of the cost of the home

Processing Fees

NIL or up to 0.50%

Penal Interest Rate

Prepayment/Foreclosure Charges

NIL for floating rate home loans

Max Tenure

30 Years

Rate Packages Available

Floating

Central Bank Home Loan Schemes

Interest Rate

Cent Home Loan

8.50% p.a. to 9.50% p.a.

Cent Home Loan Double Plus

9.35% p.a. to 9.80% p.a.

Cent Home Loan scheme for purchasing 3rd or 4th House/Flat

9.35% p.a. to 9.85% p.a.

Cent Grih Lakshmi

8.35% p.a. to 9.25% p.a.

Central Bank of India Home Loans Scheme

Central Bank of India offers a wide range of housing loans such as the Cent Home Loan, Cent Home Loan to employees, Cent Combo, Cent Home Double Plus scheme and Cent Home Loan scheme for purchasing 3rd or 4th house/flat.

Key Highlights

  1. Cent Home Loan
    1. Applicant category: Existing housing loan borrowers
    2. Interest rate: 8.50% p.a. to 9.50% p.a.
    3. Processing fee: Rs.500 for each loan
    4. Can avail moratorium for a period of up to 36 months.
    5. Quantum of loan depends on the value of the property and the repayment capacity of the borrower
    6. Loan repayment period is 30 years. (ten years in case of repair or renovation).
  2. Cent Home Double Plus Scheme
    1. Applicant category: All applicants.
    2. Interest rate: 9.35% p.a. to 9.80% p.a.
    3. Processing fee: 0.50% of the entire loan amount (max. Rs.20,000+tax)
    4. Can be availed as an overdraft facility or as term loan depending on the purpose.
    5. Applicants above 18 years of age can apply.
    6. Repayment period up to 30 years.
  3. Cent Home Loan Scheme for purchasing 3rd or 4th house/flat
    1. Applicant category: All applicants.
    2. Interest rate: 9.35% p.a. to 9.85% p.a.
    3. Processing fee: 0.50% of the entire loan amount (max. Rs.20,000+tax)
    4. Can be availed on house/flat which is not more than 40 years and the remaining life of the property is 10 years more than the repayment period.
    5. Can be availed individually or jointly.
    6. The repayment period can range from 25 to 30 years.
  4. Cent Grih Lakshmi
    1. Applicant category: Women.
    2. Interest rate: 8.35% p.a. to 9.25% p.a.
    3. Processing fee: 0.50% of the entire loan amount.
    4. The loan repayment period is 30 years.

Eligibility criteria

Requirements

Minimum age of the applicant

18 years

Maximum age of the applicant

70 years

Residency status

Residents of India/Non-residents of India (Depending on the type of loan)

Type of employment

Salaried/Self-employed

Documents Required for All Home Loan Applicants Under Central Bank of India

Generally, when you apply for a housing loan, you will be required to submit the below documents:

Any one identity proof

Copy of valid passport/ PAN Card/ Driving license/ Election Card/ Aadhaar Card

Any one address proof

Aadhaar Card/ Copy of utility bills/ Voter ID/ Driving license/ Copy of valid passport

Proof of income

Latest Form 16 or Income Tax (IT) Returns/ Recent salary slips

Other documents (Not all documents are mandatory. The bank will give you a list of all the mandatory documents)

Valuation certificate issued by the approved valuer/ NOC from the housing society/ Agreement for construction with Develop/Builder/ Sale agreement/ Original property title deeds/ Approved construction plan

Central Bank of India Pradhan Mantri Awas Yojana

Introduced in 2015, the Pradhan Mantri Awas Yojana is a scheme offered by the Government of India. The scheme aims at providing affordable housing schemes to the urban and rural poor population in the country.

Central Bank of India offers housing loans for eligible applicants under the Pradhan Mantri Awas Yojana. The Credit Linked Subsidy Scheme (CLSS) under this scheme provides interest rate subsidy for eligible applicants. Depending on the income group the applicants fall under, the subsidy may range from 3% to 6.50%.

Benefits

The benefits of this scheme depend on the income category of the beneficiary. The eligible categories are:

  1. Economically Weaker Section (EWS)
  2. Low Income Group (LIG)
  3. Middle Income Groups (MIG -I & MIG - II)

FAQs on Central Bank of India Home Loan

  1. I have a floating rate home loan with Central Bank of India. Will I be required to pay a prepayment fee if I make a lump sum payment?

    No. Central Bank of India does not charge a prepayment penalty on floating rate housing loans.

  2. How do I contact the Central Bank of India?

    You can reach the Central Bank of India customer service by dialing 1800 22 1911. This is a toll-free number available 24/7.

  3. Does the Central Bank of India offer a top-up loan for existing borrowers?

    Yes. Based on your eligibility, the bank offers a top-up loan as an overdraft facility. The minimum loan amount is Rs.2 lakh and the maximum amount is Rs.5 lakh.

  4. Can I transfer my existing home loan to Central Bank of India?

    Yes. You can transfer your current housing loan from another lender to Central Bank of India. Get in touch with the bank to know more about the terms and conditions and charges involved.

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