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 6.85% p.a. It is the most economical big-ticket loan in the market.
Also Read - Home Loan Tax Benefits
The Why has several reasons as detailed below:
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
The key features of the Central Bank of India Home Loan are:
Also Read - 7 Best Home Loans for Pensioners
The Central Bank of India Home Loan Interest Rates is based on the credit score and internal risk rating scores.
Cent Home Double Plus Scheme:
|Purpose||Low Risk||Medium Risk|
|Purchase of Vehicle||7.25%||7.45%|
|Refurbishing, Purchase of Consumer durables||7.40%||7.65%|
|Solar Energy Equipment||7.05%||7.15%|
|Children marriage, education/medical expenses||8.55%||8.65%|
|Internal Credit Rating|
Cibil/CRIF above 725
Experian above 750
Cibil/CRIF 675 to 700
Experian 700 to 725
|71-100 (Low Risk)||6.85||6.95||7.05|
|50-70 (Medium Risk)||7.10%||7.20%||7.30%|
Also Read - Home Loan Disbursement Process
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:
|Purpose||For the purchase of ready house/flat, for construction on the already existing plot, for the repurchase of flat/house and renovation and repairs of the existing house. The age of the flat to be repurchased should be 10 years plus the tenure chosen.|
|Quantum||The loan will be the maximum LTV ratio or EMI/NMI ratio, whichever is lower|
20% to 66.67%, depending on the annual income.
Gross Monthly Income does not include variable income like overtime and other incentives.
For Salaried Individuals
10% for loans up to Rs.30.00 lakhs
20% for loans above Rs. 30.00 lakhs and up to Rs. 75.00 lakhs
25% for loans above Rs. 75.00 lakhs
For the self-employed individuals/business people/professionals
20% for loans up to Rs. 75.00 lakhs
25% for loans above Rs. 75.00 lakhs
|Rate of Interest||6.85% to 7.30% p.a. depending on the credit score and internal credit risk rating.|
Maximum 30 years or till the borrower attains 75 years age, whichever is earlier.
The maximum repayment period for repairs/renovations is 10 years.
Overdraft facility for the purchase/construction of a house/flat and for an extension to the existing house.
Term Loan Facility for the purchase of furniture, for refurbishing the existing house, purchase of a new vehicle, purchase of solar equipment, education expenses of children, marriage expenses of children, planning a holiday, and for medical expenses
|Loan amount||Maximum Rs. 10.00 lakhs|
|LTV||Maximum 90% for salaried individuals and 85% for others|
|EMI/NMI ratio||20% to 66.67% depending on the annual income|
For repairs and renovations: 7.10% to 11.35% p.a.
For the purchase of a new vehicle: 7.25% to 7.45% p.a.
For refurbishing the house: 7.40% to 7.65% p.a.
For purchase of consumer durables: 7.40% to 7.65% p.a.
For Solar Energy Equipment: 7.05% to 7.15% p.a.
For marriage, education and medical expenses: 8.55% to 8.65%
For vacation: 9.05% to 9.15% p.a.
The rate of interest is based on internal credit risk rating and credit score
Maximum 5 years for refurbishing and purchase of consumer durables.
Maximum 36 months for the purchase of solar energy equipment, marriage, education and medical expenses
Maximum 24 months for Vacation
|Security||Equitable mortgage of the property|
No guarantee is insisted for salaried individuals irrespective of the amount and up to a loan amount of Rs. 20.00 lakhs for others
Non-salaried individuals availing of loan above Rs. 20.00 lakhs, spouse, parents, brother or sister, can be co-applicants for the loan instead of providing a personal guarantee.
|Insurance||The property mortgaged should be adequately insured.|
For the construction of a house or purchase of a new house/flat
For repurchase of a house or flat not more than 40 years old or having a residual life of 10 years above the repayment period opted for.
|Quantum of the loan||Depending on the repaying capacity of the borrower and the value of the property|
For salaried individuals, between 75% to 90% of the project cost depends on the purpose and loan amount.
For non-salaried individuals, 75% to 80% of the project cost depending on the purpose and loan amount
|Interest||6.85% to 7.30% p.a. depending on the credit score and internal risk rating|
|Security||Mortgage of the property|
For construction/purchase of a house/flat, not older than 10 years: 30 years or the borrower attains the age of 70, whichever is earlier.
For construction/purchase of a house/flat older than 10 years: 25 years or the borrower attaining the age of 70, whichever is earlier
|Purchase||For construction/purchase of a house/flat with a residual life of 10 years over the repayment period opted for and for repairs/renovation/extension of the existing house|
|Quantum||Depends on the repayment capacity of the borrower and the value of the property|
|LTV||Maximum 90% of the property value for salaried individuals and 80% for non-salaried individuals|
|Interest||6.85% to 7.30%p.a.depending on the credit score and internal credit rating|
|Security||Equitable Mortgage of the property|
Maximum 30 years or on the borrower attaining the age of 75, whichever is earlier.
Maximum 10 years for repairs/renovations
This Scheme is mainly for women beneficiaries. The key features of this scheme are
Also Read - What are the Home Loan Options For an NRI?
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.
Also Read - HDFC Home Loan Documents Requirement
Processing for Central Bank Home Loan is 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 31.12.2021
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 firstname.lastname@example.org for Mumbai Branch. The official website of the bank provides the Email IDs of all other branches.
Also Check - HDFC Home Loan Customer Care
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.
Also Check - Tax Benefit on Second Home Loan
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To calculate the EMI for Central Bank Home Loan, you will have to take the assistance of the home loan calculator available under the Financial Tools on the website of MyMoneyMantra.
Key in the details of the loan amount, rate of interest and tenure get the EMI. You can try multiple variations till you arrive at the desired EMI.
The maximum tenure of the home loan is 30 years or on the borrower attaining 75 years of age, whichever is earlier. If the loan is availed for repairs/renovation, the maximum tenure will be 10 years.
The minimum Cibil/CRIF credit score required will be 675, and the minimum Experian Credit Score required will be 725 to obtain the loan.
Yes. NRIs are also eligible for Central Bank of India Housing Loans.
You have the facility to transfer your existing home loan to the Central Bank of India, provided the conduct of your existing loan is satisfactory, and your credit score is within the eligibility norms.
You can pay the Central Bank Home Loan EMI through the net banking facility provided at the time of applying for the loan. You can log in using the net banking credentials and pay to vide debit to your Savings Bank Account or through a credit/debit card.