Central Bank of India Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest8.50% - 9.50% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 772 Per Lakh
Processing fee0.25%
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

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

Features and Benefits of Central Bank of India Home Loan

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

Central Bank of India Home Loan Interest Rates

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

Types of Home LoansRate of Interest (p.a.)
Grih Lakshmi Home Loan7.00%
Cent Home Loan8.50% - 9.50%

MCLR Revised Rates w.e.f. 10.11.2022

MCLR revised rates
1 month7.00%
3 month7.35%
6 month7.55%
1 year7.65%

Also Read - Central Bank of India Home Loan EMI Calculator

Types of Home Loans Offered by Central Bank of India

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:

PurposeFor 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.
QuantumThe 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 Interest8.20% to 10.20% 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.

Cent Home Double Plus Scheme


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 amountMaximum Rs. 10.00 lakhs
LTVMaximum 90% for salaried individuals and 85% for others
EMI/NMI ratio20% to 66.67% depending on the annual income
InterestFor refurbishing the house: 8.20% to  10.20% p.a.

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

Moratorium period

SecurityEquitable 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.

InsuranceThe property mortgaged should be adequately insured.

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


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 loanDepending 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

Interest8.20% to 10.20% p.a. depending on the credit score and internal risk rating
SecurityMortgage 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

Top-up Loan for Cent Home Loan Beneficiaries

PurchaseFor 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
QuantumDepends on the repayment capacity of the borrower and the value of the property
LTVMaximum 90% of the property value for salaried individuals and 80% for non-salaried individuals
Interest8.20% to 10.20%p.a.depending on the credit score and internal credit rating
SecurityEquitable 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

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?

Central Bank of India Home Loan Processing Fees 

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

Central Bank of India Home Loan Eligibility

  • 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

Documents Required for Central Bank of India

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

Why Central Bank of India Home Loan?

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.

How to apply for a central bank of India home loan

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

Central Bank of India Home Loan Customer Care Number

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

Apply for Lowest Home Loan Online @ Rs. 762/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 762 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

Central bank of India Home Loan FAQs

✅How to calculate EMI for the central bank of India home loan?


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.

✅What is the maximum tenure of the home loan?


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.

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


The minimum Cibil/CRIF credit score required will be 675, and the minimum Experian Credit Score required will be 725 to obtain the loan.

✅Does the central bank of India offer housing loans to NRIs?


Yes. NRIs are also eligible for Central Bank of  India Housing Loans.

✅Is it possible to transfer my existing home loan to the Central Bank of India?


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.

✅How to pay the central bank of India EMI online?


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 cards.