Central Bank of India Loan Against Property

Any business/

personal requirements except for real estate, speculative, and capital market activity.

• For properties located in rural/ semi-urban areas: The minimum loan is 5 Lakh and the maximum loan is 7.5 Crore.
• For properties located in district headquarters in semi-urban areas: The minimum loan is 5 Lakh and the maximum loan is 7.5 Crores.
• For properties located in urban/metro and semi-urban branches at Goa: The minimum quantum is 1 Lakh and the maximum quantum is 5 Crores.

• EMT/registered mortgage of residential house/flat or industrial/
• commercial property owned by the borrower situated at rural/semi-urban/urban/metros and the title deeds eligible for a mortgage for any other purposes other than agricultural purposes.
• The property can be self-occupied, vacant, partially leased out or fully leased out.

• Processing charges: Nil
• Pre-payment charges:Nil

For all legal trading/service/

manufacturing activities except for speculative activities.

• The minimum quantum is 2 Lakhs
• The maximum quantum is 5 Crores.
• The loan can be availed only as an overdraft facility.

Contact Central Bank of India for interest rate details

• EMT of the property against which the loan is granted.
• For a loan up to 20 Lakhs the market value of the property should be a minimum of 150% of the loan amount and the realisable value should be a minimum of 120% of the loan amount.
• For a loan above 20 Lakhs, the market value of the property should be a minimum of 200% of the loan amount and the realisable value should be a minimum of 150% of the loan amount.

• Processing charges: Nil
• Pre-payment charges:Nil

• 75% of the future rent receivables with a maximum of 10 Crores where the unexpired lease period is up to 3 years.
• 65% of the future rent receivables with a maximum of 10 Crores where the unexpired lease period is above 3 years and up to 6 years.
• 55% of the future rent receivables with a maximum of 10 Crores where the unexpired lease period is above 6 years and up to 8 years.
• 50% of the future rent receivables where the unexpired lease period is above 8 years and up to 10 years.
• Future rent receivables will be gross rent receivable for the unexpired lease period less the advance paid, property tax, income tax and any other statutory liabilities of the lessor.

10.50% -

11.35% p.a.

Security by way of:

• Assignment of the future rent receivables for the entire unexpired lease period.
• Equitable mortgage value of any property of the borrower with a value up to 100% of the loan amount if the loan is repayable within 3 years and 133% of the loan amount if the loan is repayable beyond 3 years.
• The value of the property should be 200% of the loan amount where the borrower cannot assign the future rent receivables for valid reasons.
• Personal guarantee of all the co-owners of the property and the directors of the company other than nominated/ professional directors.

• The loan should be repaid within 10 years or the unexpired lease period, whichever is less for both term loan and overdraft.
• The entire rent collected for a month should be credited to the loan account.

• Processing charges:
  • 1% of the loan amount, minimum of 5,000 and maximum of 2 Lakhs
  • Pre-payment charges: Nil

• The minimum quantum of loan is 1 Lakh.
• The maximum quantum is 5 Crores.
• The loan amount depends on the cash accruals, other liabilities and the value of the property mortgaged.

• Equitable Mortgage of the property in semi-urban/urban/metro areas.
• The value of the property should be 200% of the loan amount.
• The property should not be for any real estate activity.
• Personal guarantee of the trustees in the case of trust and the personal guarantee of chairman, treasurer, secretary in the case of a society.

• Processing charges:0.50% of the loan amount
• Pre-payment charges:Nil if done out of own sources and at 1% of the outstanding loan amount if done out a balance transfer.

For any personal/

business requirement. The loan is not permitted to be used for speculative purposes, real estate, and capital activity.

• For salaried individuals, the maximum quantum will be equal to 36 times the gross annual salary of the applicant.
• For non-salaried applicants, the maximum quantum will be 3 times the gross annual income as per the latest ITR.
• Maximum limit is 50 Lakhs for property located in rural areas and 2 Crores for property located at any other area.
• In the case of proprietorship/partnership firms and companies, the maximum quantum will be 5 times the average cash accruals as per the last 3 years audited financial statements, with a maximum of 50 Lakhs for property located in a rural area and 5 Crores for a property located in any other area.

Contact Central Bank of India for interest rate details

• EMT of residential/
• commercial/
• industrial property that is either vacant, self-occupied, partially leased-out or fully leased-out. The value of the property should be 200% of the loan amount.
• A personal guarantee of the co-owner of the property should be available.
• In the case of Companies, personal guarantee of all the Directors should be available.

• Processing charges: 0.50% of the loan amount, with a maximum of 40,000 if the loan is availed as a term loan and 20,000 if availed as an overdraft
• In case of overdraft, renewal charges @ 0.50%, maximum 5,000 p.a. will be levied.
• Prepayment charges: Nil if the prepayment is done out of own sources and 1% of the loan amount if done by a balance transfer.

For any business/

personal requirement except for speculative purposes

The maximum quantum of loan is 10 Crores, depending on the unexpired lease period as given below:

• 75% of the future rent receivables where the unexpired lease period is up to 3 years.
• 65% of the future rent receivables where the unexpired lease period is above 3 years and up to 6 years.
• 55% of the future rent receivables where the unexpired lease period is above 6 years and up to 8 years.
• 50% of the future rent receivables where the unexpired lease period is above 8 years and up to 10 years.
• Future rent receivables will be gross rent receivable for the unexpired lease period less the advance paid, property tax, income tax and any other statutory liabilities of the lessor.

Contact Central Bank of India for interest rate details

Security by way of:

• Equitable mortgage of any property of the borrower, with a value up to 100% of the loan amount if the loan is repayable within 3 years and 133% of the loan amount if the loan is repayable beyond 3 years.
• The value of the property should be 200% of the loan amount where the borrower cannot assign the future rent receivables for valid reasons.
• Assignment of the future rent receivables for the entire unexpired lease period.
• Personal guarantee of all the co-owners of the property and the directors of the company other than nominated/professional directors.

• The loan should be repaid within the unexpired lease period or 10 years, whichever is earlier.
• The overdraft limit has to be renewed every year.

• Processing charges: 1% of the loan amount with a minimum of 5,000 and a maximum of 2 Lakhs.
• Prepayment charges: 1% of the loan amount, if the loan is prepaid out of a balance transfer and nil charges, if the loan is pre-paid out of own funds.

• Latest salary slips for the last 3 months, Form 16 and ITR for the last 2 years.
• Bank Statement of the salary account for the last 6 months.

• Financial documents like the audited balance sheet and profit and loss account for the last 3 years.
• ITR with income computation for the last 3 years.
• Bank account statement for the last 12 months
• Bank statement of loan accounts, if any, for the last 12 months.

• Chain of documents pertaining to title deeds of all the earlier owners.
• Legal Scrutiny Report
• Valuation report
• Architects report ascertaining the age of the property
• Document required for loan against property by the bank to prove the marketable title of the property.