Central Bank of India

Central Bank of India Home Loan

Apply Central Bank of India Home Loan

About Central Bank of India Home Loan

Buying a home is something everyone dreams of, but sometimes acquiring the funds is not possible at a moment's notice, especially with exorbitant rates prevailing in the real-estate market. Prices of homes have gone done these days and housing loans have also become cheaper, hence, living on rent forever isn't a feasible option. A home can be used as a business headquarters, retirement home, PG, or for family residential purposes. Owning your own home is a sign of independence and freedom from leases and rental contracts in life. Plus, it is a huge investment that stays with you forever and pays off in the long run.

A Home Loan is required for making renovations, repairs, or simply buying a new home. Paying for rent every month isn't feasible forever and changing residences too often is a discomfort many don't want to face. When you have your own home, you have a dependable roof over your head. You get to live on your own terms and don't have to answer to the rules or restrictions of a landlord. When a person is in the initial stages in a career or just starting out, it can be difficult to procure funds for buying a new home. This is where the Home Loan scheme of Central Bank of India Home Loan helps.

India's oldest bank, Central Bank of India, offers prospective home seekers the opportunity to avail flexible Home Loans under the Cent Home Loan Scheme.

Central Bank of India was established in 1911 by Sir Sorabji Pochkhanawala. Considered India's very first 'Swadeshi Bank,' its first chairman was Sir Pherozesha Mehta. The institution stood the tests of time and transformed financial challenges into long-lasting milestones as the years went by, being proclaimed by many as the bank that is considered a property of the nation and a national asset. Headquartered in Mumbai, Central Bank of India meets your financial requirements by customers lucrative Home Loans at affordable interest rates. 

If you've always wanted to buy a dream home but lack funds to purchase the same, the Central Bank of India Home Loan is all you need. Here's everything you need to know about the Central Bank of India Home Loan in detail. 

Central Bank of India Home Loan

Interest rate

8.60%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

776 Per Lakh

Why Central Bank of India Home Loan?

Here are some of the most attractive reasons why you should opt for a Home Loan from Central Bank of India:

  • Tenure that lasts up to 30 years for house purchase and up to 10 years for repairs and renovations of an existing house.
  • You have the option of foreclosing your Home Loan by paying zero foreclosure charges
  • Loan to value (LTV) ratio available of up to 90% of the cost of the property
  • Variety of Home Loans serving every housing finance need
  • Loans available for Indian Residents as well as Non-Indian Residents (NRIs)

Features and Benefits of Central Bank of India Home Loan

Here are some important features and benefits of Central Bank of India Home Loan:

  • Flexible repayment tenure: Get up to 30 years for repayment and pay at your own convenience, with zero stress and peace of mind. For cases of repairs and renovations, get a comfortable tenure of up to 10 years tops, giving you plenty of time for paying back what you borrow.
  • Competitive rates of interest: Central Bank of India offers floating interest rates which start at as low as 8.60% p.a., making your Home Loan affordable and easy to repay.
  • Low EMIs: Central Bank of India offers one of the lowest equated monthly instalment (EMI) on Home Loans. You can get EMIs as low as 776 per lakh for repayment tenure of up to 30 years.
  • Low processing fees: Processing charges for Central Bank Home Loan are as a low as 0.50% of the sanctioned loan amount (maximum 20,000).
  • Home Loan Balance Transfer facility: You can transfer your existing Home Loan from another lender to Central Bank to enjoy the benefits of low interest rate and long tenure.
  • Zero foreclosure charges: Central Bank of India doesn't charge any prepayment fee for foreclosure of Home Loan.
  • Exclusive schemes: Central of Bank of India offers customised Home Loan options that give customers an edge in their financing options such as Cent Home Loan, Cent Home Loan Plus, Cent Home Double Plus Scheme, Cent Home Loan to Government Employees, Cent Combo, OD Top Up Facility to Cent Home Loan beneficiaries, and Cent Home Loan Scheme for purchasing 3rd or 4th house/flat. 
  • Age: The minimum age required to avail a Home Loan through Central Bank of India is 18 years (for salaried individuals) and 21 years (for self-employed individuals).

Central Bank of India Home Loan Interest Rates

The Central Bank of India Home Loan interest rates are linked to the bank's 1-year Marginal Cost of Funds based Lending Rate (MCLR), which is 8.60% (w.e.f. 01.04.2019).

Here is the table illustrating the floating interest rates applicable on various housing loan schemes of Central Bank of India:

Housing Loan Scheme Spread Over MCLR Interest Rates

Cent Home Loan

1-year MCLR

8.60%

Cent Home Loan Plus

1-year MCLR for renovation and 1-year MCLR + 1% for refurbishment and purchase of LCD TV, home theatre, furniture, and so on.

8.60% to 9.60%

Cent Home Double Plus Scheme

1-year MCLR

8.60%

Cent Home Loan to Government Employees

1-year MCLR

8.60%

Cent Combo

0.25% concession on all Home Loans subject to minimum 1-year MCLR

8.60% - 8.576%

OD Top Up Facility to Cent Home Loan beneficiaries

1-year MCLR + 1%

9.60%

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

1-year MCLR + 1%

9.60%

The interest rate for Home Loan applications depends on the applicant's profile and a few factors mentioned below:

  • Loan amount: The more the value of the Home Loan amount, the lower your interest rate will be.
  • Your income: How much you earn per annum matters when deciding the interest rate on your Home Loan. The more you earn, the lower the interest rate will be.
  • Loan scheme: Each housing loan scheme of Central Bank come at different interest rate as mentioned in the Home Loan interest rates table.
  • Borrower's gender and profile: The rate of interest may differ for men and women borrowers as well as salaried and self-employed individuals.
  • Existing customers: Central Bank of India may offer a discounted interest rate on Home Loan to their existing customers.

Types of Home Loans Offered by Central Bank of India

Central Bank of India offers different types of Home Loan schemes to customers as mentioned below:

Cent Home Loan

Cent Home Loan is a basic type of Home Loan offered to salaried and self-employed individuals. It's suitable for repairs, renovations, and buying/constructing a new. The maximum moratorium period is set to 36 months for this loan scheme. The loan can be availed be Indian residents as well as NRIs.

Key Highlights:

Purpose

  • Purchase of a new or existing house/flat
  • Construction of house
  • Repair/ renovation/ modification of an existing house.

Loan amount

Depends on borrower's repayment capacity and value of the property

Maximum LTV

90% of the value of the property

Maximum repayment tenure

  • Up to 30 years or reaching the age of 70 years (whichever is earlier) for purchase/construction of house/flat
  • Up to 10 years for repair/renovation/modification

Age

Minimum 18 years and maximum 70 years


Cent Home Loan Plus

It is a special scheme by Central Bank of India for existing customers who have successfully paid their EMIs regularly for at least 3 years.

Key Highlights:

Purpose

  • Renovation, refurbishment, or furnishing an existing house
  • Purchase of LCD TV, home theatre, furniture, and so on

Loan amount

Up to 10 Lakhs

Maximum repayment tenure

Up to 10 years

Age

Minimum 18 years and maximum 70 years


Cent Home Double Plus Scheme

Under this scheme you can avail a Home Loan with overdraft facility for construction/ purchase of new or existing house/flat or as a term loan for renovation, repair, refurbishing of house, purchasing a new vehicle and consumer durables, furniture, solar energy equipment, and funding child's marriage/ education expenses, medical expenses, and vacation. The loan comes with a moratorium period of up to 36 months.

Key Highlights:

Purpose

  • Home Loan with overdraft facility: Construction/ purchase of new or existing house/flat
  • Term Loan: Renovation, repair, refurbishing of house, purchasing a new vehicle and consumer durables, furniture, solar energy equipment, and funding child's marriage/ education expenses, medical expenses, and vacation.

Who can apply

Salaried employees, self-employed persons, and professionals

Loan amount

Depends on borrower's repayment capacity and value of the property

Maximum LTV

90% of the value of the property

Maximum repayment tenure

Up to 30 years or reaching the age of 70 years (whichever is earlier) for purchase/construction of house/flat

Age

Minimum 18 years and maximum 70 years

Insurance

Property must be insured

Cent Home Loan to Government Employees

This Home Loan is exclusively provided to permanent employees of Central Government, State Government, and PSUs. It funds the purchase of a property that is below 30 years of age.

Key Highlights:

Purpose

  • Purchase/ construction of new or existing house/flat which is not older than 30 years
  • Repair/ renovation/ modification/ extension of an existing house/ flat
  • Purchase of a plot to construct a house thereon within 2 years of plot purchase

Who can apply

Permanent employees of Central Government, State Government, and PSUs

Loan amount

Depends on borrower's repayment capacity and value of the property

Maximum LTV

90% of the value of the property

Maximum repayment tenure

Up to 30 years or reaching the age of 70 years (whichever is earlier) for purchase/construction of house/flat

Age

Minimum 18 years and maximum 70 years

Cent Combo Scheme

This scheme can get you discount in Home Loan (0.25% on the applicable rate of interest subject to minimum MCLR) and Vehicle Loan (0.50% on the applicable rate of interest subject to minimum MCLR) if taken together. This Home Loan can be availed by people who have a minimum annual income of 5 Lakhs as per ITR.

Key Highlights:

Purpose

To get concession in the interest rate for Home Loan and Vehicle Loan if availed together

Who can apply

Salaried individuals with a minimum annual income of 5 Lakhs

Loan amount

Minimum 20 Lakhs and maximum amount depends on borrower's repayment capacity and value of the property

Maximum LTV

90% of the value of the property

Age

Minimum 18 years and maximum 70 years

OD Top Up Facility to Cent Home Loan Beneficiaries

This Home Loan is exclusively offered to individuals who already have a Home Loan account with the Central Bank of India for funding all personal needs (except for speculative purposes).

Key Highlights:

Purpose

  • Funding all personal needs except for speculative purposes, like capital market/ real estate/ any other activity prohibited by law
  • OD facility available against mortgage of property used for a housing loan facility

Who can apply

Salaried employees, self-employed persons, and professionals who are Indian Residents or NRI

Loan amount

2 Lakhs to 5 Crores

Age

Minimum 18 years and maximum 70 years

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

This Home Loan can be availed to construct a house or purchase a new or existing house/ flat not older than 40 years and having 10 years of remaining life more than the tenure of the loan. This loan comes with a moratorium period of 36 months.

Key Highlights:

Purpose

  • Construct a house
  • Purchase a new or existing house/ flat not older than 40 years and having 10 years of remaining life more than the tenure of the loan.

Who can apply

Individuals with a regular source of income

Loan amount

Depends on borrower's repayment capacity and value of the property

Maximum LTV

75% of the value of the property/construction

Maximum repayment tenure

  • For construction/purchase of a house which is not older than 10 years: Up to 30 years or reaching the age of 70 years (whichever is earlier) 
  • For construction/purchase of a house older than 10 years: Up to 25 years or reaching the age of 70 years (whichever is earlier)

Age

Minimum 18 years and maximum 70 years

Central Bank of India Home Loan Eligibility

The eligibility criteria for Central Bank of India Home Loans are as follows:

  • Work profile: Salaried employees (working with government or private companies), self-employed individuals, and professionals.
  • Nationality: Resident Indians as well as NRIs can apply for these loans
  • Existing as well as new customers can apply for these loans
  • Age: The applicant's age must not be less than 18 years at the time of loan application and not more than 70 years at the time of loan maturity.
  • For Cent Combo Scheme, the minimum annual income of the applicant should 5 Lakhs as per ITR. 

Documents Required for Central Bank of India

The following documents are required by the bank before the applicant files for a Home Loan:

KYC Documents

  • Completed loan application
  • 2 recent passport-sized photographs
  • Proof of identity: Passport, Voter ID, PAN Card, Driver's License
  • Proof of residence: Rental agreement, Utility Bills, Leave and License

Income Documents

  • For Salaried
    • Original salary slips/ salary certificate, and proof of other income
    • Latest ITR/ IT Assessment Order/ Form 16 of the last 2 years
    • Last 6 months' bank statements showing salary credited
  • For Self-employed/Professionals
    • Latest ITR/ IT Assessment Order/ Form 16 of the last 2 years
    • VAT and Service Tax registration documents
    • Address proof of the businesses
    • Profit & Loss statements and balance sheets audited by a certified CA
    • Copy of partnership deed, proof of business existence and profile

Property Documents

  • Valuation certificate by the approved valuer
  • Approved plan for property construction
  • Certificate by Architects/Engineers confirming the cost of construction/ repairs/ improvements/ extension.
  • Certificate by Architects confirming the age of House/Flat in case of purchase
  • Agreement for sale
  • Agreement with Builder/Developer for construction
  • Photocopy of Original title deeds of house/plot/flat (covering all the sale or transfer transactions till date).
  • All other papers related to title deeds of the property
  • NOC from the Housing Society
  • Affidavit-cum-Undertaking mentioning that the construction is being done in an authorised area and is strictly as per sanctioned plan/ building bye-laws, and that the loan is being obtained for purchasing house/plot/flat for residential purpose only.

Other Products by Central Bank of India

Central Bank of India offers other financial products and to customers for their funding requirements. Some of the popular ones are:

Savings Account

Current Account

Recurring Deposit

Time Deposit

Public Provident Fund Scheme

Senior Citizens Savings Scheme

Sukanya Samriddhi Scheme

Cent Vehicle

Cent Tarde

Cent Mortgage

Cent Rental

Cent Mortgage Scheme for Educational Institutes

Personal Loans for Corporate Employees

Cent Ratna

Cent Personal Gold Loan

Cent Teacher

Cent Suvidha

Cent Liquid (Loan Against Shares)

Cent Doctor

Cent Personal Loan Scheme

Cent OD Facility to Pensioners

Cent Swabhiman Plus

Cent Pensioners

Cent Vidyarthi

Cent Vidyarthi for Executive MBA

Cent Skill Loan

Cent Vidyarthi - IIM & 4 Reputed Institute

Subsidy Scheme

Cent Vidyarthi (IDA)

Cent Dentist (IDA)

Cent Vehicle (IDA)

Cent Home Loan (IDA)

Cent Kalyani

Cent Sahyog

Loan Against Future Fees Receivables

Cent Shop

TUFS Scheme

Debit Cards

Credit Cards

Prepaid Cards

How to Calculate Central Bank of India Home Loan EMI on MyMoneyMantra?

A Home Loan EMI is referred to as an equated monthly instalment which is paid on a monthly basis against the loan applied for till the end of the tenure. Your total EMI amount is basically your principal loan amount divided by your EMI tenure, with interest rate applied to it. Your EMIs are to be paid on a fixed date every month until the completion of your loan tenure.

MyMoneyMantra brings a free to use online EMI Calculator to help you calculate the EMI for the proposed housing loan. 

Here is how to calculate your EMI using our EMI Calculator:

  • Visit MyMoneMantra and click on Financial Tools
  • Select EMI Calculator from the dropdown menu
  • Enter the details required - loan amount, interest rate, and tenure
  • Click on the Calculate button to get an instant result

How to Get the EMI You Want?

Just because you apply for a loan doesn't mean you will get approved for it. A Home Loan is a huge sum of money borrowed and here are a few tips to obtain the EMI you want and get your application approved:

  • Pick the correct loan amount
  • Know your eligibility
  • Calculate the EMI beforehand by using MyMoneyMantra EMI Calculator
  • Choose a short tenure
  • Calculate your fixed obligation-to-income Ratio (FOIR) value

Central Bank of India Home Loan Processing Fees

Central Bank Home Loans carry processing charges as mentioned below:

  • Cent Home Loan/ Cent Home Double Plus Scheme/ Cent Home Loan Scheme for Purchasing 3rd or 4th House/Flat: 50% (maximum 20,000) + applicable taxes of the sanctioned loan amount
  • Cent Home Loan Plus: 500 per loan
  • Cent Combo Scheme: 25% (maximum 20,000) + applicable taxes of the sanctioned loan amount
  • OD Top Up Facility to Cent Home Loan Beneficiaries: 50% (maximum 10,000)

Central Bank of India Home Loan Customer Care

Central Bank of India provides 24X7 customer care support to borrowers who want to inquire about Home Loan details, bank account info, or simply for technical support with their accounts. It's a free service. You can contact the bank through the following ways:

Toll-free number: 1800-22-1911

Email address: zmmmzo@centralbank.co.in for Mumbai Branch (you can also find the email ID for other regional zones on the bank's website under Contact Us page)

Corporate Office Address : 

Central Bank of India

Chander Mukhi, Nariman Point

Mumbai - 400021

Telephone No.: 022-66387777

Frequently Asked Questions

Does the bank offer housing loan to NRIs?

Yes, NRI applicants can also apply for the Central Bank of India Home Loans.

What should be my age to be eligible for applying for the Central Bank of India Home Loan?

You should be older than 18 years of age in order to apply for the loan.

Will I be getting the full amount of the loan?

The bank will keep a margin of the amount. You can get an LTV (loan-to-value) ratio of up to 75% to 90% according to the loan amount you have applied for and property's value.

Are there any charges for foreclosure of the loan?

There are no charges for prepayment of the loan. 

Can I change the mode of payment for EMI?

Yes, but you will have to give an application at the bank which states that you need to change the payment method. This facility may come at a certain cost.

Do I need collateral for the loan?

The property for which you are seeking the loan acts as collateral for the loan payment itself.

What is the credit score I require to obtain the loan?

A CIBIL score of minimum 650 is ideally expected from the applicants to be eligible for the loan.

How can I apply for the loan easily?

You can apply for the loan with ease through MyMoneyMantra.

What are the Interest Rates for the loan?

The interest rates are floating rates, and may vary from 8.60% to 9.60% at present. The rates may change according to the changes in the bank's MCLR.

What is the maximum tenure of the loan?

The maximum loan tenure permitted by the bank is up to 30 years.

Central Bank of India Home Loan Latest News

Central Bank of India set to raise 8,000 crores equity capital for Basal III Norms Compliance

Public Sector player Central Bank of India will raise equity capital amount of 8,000 Crores through shares allotted to FPO/Rights/QIP in India. The bank is set to raise capital to strengthen its Capital Adequacy Ratio (CAR) and comply with Basal II requirements. Bank officials stated that the capital raised will be used for improving banking services and the general business. 

Shareholders nod R.s 6,500 Crore raise from the public offer for Central Bank of India

An annual meeting held on June 30 by the shareholders of the state-owned bank approved a 6,500 Crores through public offer. The raising of capital was approved through channels like rights issue and Qualified Institutional Placement (QIP) as well, bank officials stated. 

Why Apply for Central Bank of India Home Loan on MyMoneyMantra?

In the time of immediate financial need, even a simple task seems difficult. Applying for a housing loan is not an easy task. It may create a lot of hassle for you to visit the banks in-person, understand their products in depth, fill a lengthy application form, submit all the necessary documents, follow up on your loan application, and get funds disbursed into your account. All this can make the whole loan process a stressful event of your life.

MyMoneyMantra can help ease out this stress by taking the entire process on its own shoulder to get you the best suited Home Loan from the desired lending partner from its list of 70+ banks and non-banking financial companies (NBFCs) instantly. Our housing loan experts will help you through the entire process from choosing the right deal, applying for the loan, documents submission, getting approval, and disbursement.

How to Apply for Central Bank of India Home Loan on MyMoneyMantra?

Applying for a Central Bank of India Home Loan is easy. You simply register on MyMoneyMantra and fill your loan application through us. We offer Home Loans from various banks and NBFCs so that you can choose the best for your needs. Further, our cutting-edge comparison and conversion tools let you select the best deal.

When you apply for a Central Bank of India Home Loan through MyMoneyMantra, our loan specialists get in touch with you. From collecting documents at your doorstep to taking care of legal formalities, you are guided every step of the way, from the loan application to disbursal process. 

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