Central bank of India
Home Loan

Note: Central Bank of India is powered by https://www.centralbankofindia.co.in/ and the information mentioned here is provided by Central Bank of India.

Established in the year 1911, it was the first-ever bank managed solely by Indians. It was indeed a Swadeshi Bank and was proclaimed to be the country’s property by the founder of the bank. It has excelled over the years by converting every threat in the business to opportunity. Several innovative products and services were introduced, and Home Loans, a part of the retailing lending portfolio, is one among them. There are several schemes under the Central Bank of India Home Loan to suit every requirement of its customers. Provided at an interest as low as 8.50% - 9.50% p.a. It is the most economical big-ticket loan in the market.

Also Read - Home Loan Tax Benefits

The key features of the Central Bank of India Home Loan are:

• Interest Rates at 8.50% - 9.50% p.a. that makes it economical and easy to repay.
• Flexible repayment extends up to 30 years, making the EMI affordable.
• Balance transfer facility available.
• Processing fees as low as 0.25% - 0.50% of the loan amount.
• No pre-closure charges
• Exclusive scheme for women beneficiaries available

Also Read - 7 Best Home Loans for Pensioners

Cent Home Loan, Cent Home Loan for Purchase of 3rd or 4th House, Topup Facility to Cent Home Loan Beneficiaries

MCLR Revised Rates w.e.f. 10.11.2022

There are various types of Central Bank of India Home Loans depending on the purpose of the loan. Details of the various loans are as given below:

Cent Home Double Plus Scheme

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

Top-up Loan for Cent Home Loan Beneficiaries

Cent Griha Lakshmi

This  Scheme is mainly for women beneficiaries. 

The key features of this  scheme are 

• The sole applicant or the first applicant should be a woman.
• The rate of interest will be 8.15% p.a.
• The minimum CIBIL/CRIF score required will be  725, and the Experian Credit Score will be 750.

Also Read - What are the Home Loan Options For an NRI?

Processing for Central Bank Home Loan is 0.25% - 0.50% of the loan amount with a minimum of Rs. 2500/- and a maximum of Rs. 20000/-. Processing charges for Cent Griha Lakshmi is waived till  01.11.2022

Additional Info: Also check Central Bank of India Balance Check Number

• Both  Resident and Non-Resident Indians  are eligible for the loan
• Salaried individuals, self-employed individuals, business people, professionals can apply for the loan.
• A regular legal source of income is mandatory.
• The age of the applicant should be above 18 years at the time of applying for the loan and should be below 70 years at the time of maturity.
• Four co-applicants are permitted for the loan.
• Cibil/CRIF score above 675, and Experian Score above 700 is mandatory.
• Individuals with no credit score can also apply for a loan.
• Waiver of EMI is permitted where the sole beneficiary or the principal borrower is a woman, and the conduct of the home loan is satisfactory. Also, the loan should not be sourced through DSA/Marketing Associates or Builders to be eligible for an EMI waiver.
• Waiver of 5 EMIs for loans with residual tenor of 30 years, 4 EMIs for loans with residual tenor of 25 years and 3 EMIs for loans with residual tenor of 20 years
• The waiver will not be permitted if the loan is foreclosed.
• Interest subsidy will also be provided under PMAY Scheme if the borrower is eligible as per scheme parameters.
• Processing fees will be waived for this scheme till 31.12.2021.

Also Check - HDFC Home Loan Eligibility

Submit the following documents along with the loan application and two passport size photographs to proceed with the loan processing.

• Proof of residence
  • Utility  Bills
  • Rental Agreement
  • Voter’s ID Card
  • Aadhar Card
• Photo ID proof
  • PAN Card
  • Passport
  • Driving License
• Income proof for salaried individuals
  • Salary slips for the last three months
  • Form 16  latest
  • Bank  Account Statement for last six months
• Income Proof for the self-employed
  • Audited Financials like balance sheet and profit and loss account for the last three years.
  • ITRs for the last three years
  • Bank Account Statement for the previous 12 months
• Property Documents
  • Agreement of Sale
  • Sale Deed
  • Latest Tax Paid Certificate
  • Estimate for the construction/repairs and renovations certified by Architects/Engineers
  • Valuation Report by Panel Valuer
  • Agreement with builder/developer
  • Approved plan for construction
  • Other documents proving  the marketable title
  • NOC from Housing Society
  • An affidavit stating that the construction is as per the sanctioned plan and is  in an authorized area, and the loan is solely  availed for acquiring a residential  property

Also Read - HDFC Home Loan Documents Requirement

The Why has several reasons as detailed below:

• Salaried, as well as non-salaried individuals, can apply for home loan.
• Resident and Non-Resident Indians can apply for the loan.
• Easily accessible with an online application facility provided.
• Attractive rate of interest as low as 8.20% p.a
• Flexible repayment option extended till 30 years.
• Several schemes to suit the purpose.
• Turnaround time between 8 to15 days
• Affordable processing charges.
• Combo schemes wherein home loan beneficiaries are provided with vehicle loans and loans for every other purpose except speculation.
• Overdraft facility is also available under the Home Loan Scheme.

Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.

You can easily apply for the Central Bank of India Housing Loan through MyMoneyMantra. You follow the step-by-step guidelines to apply for the loan online.

• Access the website of MyMoneyMantra  
• Choose a home loan under the products option.
• You will be directed to the Home Loan Application Form page. 
• Mention the gender in the appropriate slot in the application
• Provide details of the city of residence and location of the property
• Mention the market value of the property
• Provide the employment type and income details.
• Provide some basic personal details as required.
• Give the mobile number and Email ID.
• Key in the OTP sent to your mobile number and hit the submit button.
• A list of comparative deals will be displayed.
• Choose Central Bank of India and click on the submit button.
• The MyMoneyMantra team will contact you and will assist you further till the disbursement of the loan.
• All the services provided by MyMoneyMantra will be free of cost.

Also Check - Tax Benefit on Second Home Loan

The Central Bank of India Home Loan Customer Care can be accessed round the clock for any home loan related queries. 
You can call the toll-free number 1800-22-1911 or write to them at the Email address zmmmzo@centralbank.co.in for Mumbai Branch. The official website of the bank provides the Email IDs of all other branches.

Also Check - HDFC Home Loan Customer Care