Central Bank of India Home Loan 2023, Central Bank Home Loan Interest Rates 2023 Looking for a home loan from Central Bank of India Check out the interest rates, eligibility, processing fee, and use the EMI calculator.
The Central Bank of India is an Indian public sector bank, although its name is Bank of India, it is not the central bank of India, the real name of the central bank of India is the Reserve Bank of India, It is the most preferred bank by all types of people for any financial service, Central Bank offers a wide range of services in the personal loan segment.
Central Bank of India Bank offers customized home loan solutions for home purchase, construction and extension of residential units, Loaded with unique benefits, Central Bank of India Bank Home Loans are tailored to suit the needs of various customers.
Central Bank Home Loan
Are you looking to buy your own home, Central Bank of India can help you own your dream home through various home loan schemes, The bank offers home loan under various categories to associate with the bank for your dream home.
The Central Bank offers home loans for buying a flat or house, for construction purposes and for renovating and repairing existing property, Any applicant can apply for home loan jointly or individually, usually home loan tenure is between 5 to 30 years, borrower can choose floating type of interest or fixed interest rate, home loan provides tax benefits to borrowers.
Schemes of Central Bank of India Home Loan
| Central Bank of India Home Loan Schemes | Description |
| Cent Home Loan | If you’re looking to either build or purchase a new home or flat, or acquire an existing one with a remaining life equal to the applied loan tenure plus 10 years, this scheme could be an option for you. Additionally, the scheme also takes into account the option to renovate, repair, or alter an existing home or flat. |
| Cent Home Double Plus Scheme | There are two options available: Overdraft facility and term loan. The overdraft facility can be used to build or purchase new or existing homes or flats, as well as to extend existing houses. The term loan can be used for repairing or renovating a house or flat, purchasing a vehicle, refurbishing a home, buying furniture, purchasing solar energy equipment, covering children’s marriage, education, or medical expenses, and going on a family vacation or trip. |
| TopUp Facility To Cent Home Loan Beneficiaries | This loan is intended for personal use only. It is not to be used for speculative, real estate, or capital market activities, or any activities that are prohibited by law. The loan amount available ranges from Rs.2 lakh to Rs.50 lakh. |
| Cent Home Loan Scheme for Purchasing 3rd or 4th House/Flat | This program permits you to take out a loan for building or purchasing a new house/flat, or purchasing an existing house/flat that is less than 40 years old and has a remaining lifespan of at least 10 years beyond the loan tenure. |
| Cent Home Loan to Employees of Central State Govt PSU | This program is specifically designed for permanent employees of the Central and State governments, as well as PSUs under the Central government. To secure financing, property or other tangible assets will be mortgaged. |
| Cent Combo (HL and Vehicle Loan) | If you take out a home loan and vehicle loan together from the bank, you may be eligible for a concession. To qualify, your average annual income for the past two years as per your IT return should be at least Rs.4 lakh. Additionally, the minimum amount for the home loan is Rs.20 lakh. |
Central Bank of India Home Loan Eligibility Criteria
To apply for a home loan at Central Bank of India, it’s important to verify your eligibility first. If you meet the necessary criteria, it will increase your chances of being approved for a loan. Check your eligibility for a home loan at Central Bank below.
| Age | Minimum- 18 years maximum- 70 years |
| Employment and Residency Eligibility | ● Resident Salaried and self-employed professionals ● Non-Resident salaried and self-employed professionals |
| Maximum Loan Amount | 90% of the property value |
| Other Conditions | ● High credit rating score ● Clear record in terms of past loan payments |
Required Documents for Central Bank Home Loan
When applying for a home loan from Central Bank of India, it is important to provide simple and easy-to-manage documents. These documents are used to gauge your financial stability and creditworthiness, and will be taken into consideration by lenders when approving your loan application.
When applying for a home loan, submitting the correct documents is of utmost importance. The central bank takes the home loan document process very seriously. However, many applicants struggle with understanding which documents to provide..
Central Bank has streamlined and made the home loan documents process transparent from the start. Below is a detailed list of the required home loan documents needed to pass your application.
| Identity proof | PAN Card / Passport / Driving License / Aadhaar Card / Voter Card. |
| Address proof | Passport/ Aadhaar Card / Voter ID / Utility Bills/ Driving License. |
| Income Proof | Recent Salary Slips / Latest Form 16 or ITR |
| Other Documents that may be required | Valuation Certificate, NOC from the housing society, Agreement of construction with Develop, Sale agreement/ Approved construction plan/ Original property title deeds. |
Central Bank of India Home Loan EMI Calculator
If you’re considering taking out a home loan, you can use CBI Home Loan EMI Calculator to make an informed decision. This user-friendly tool provides you with key details such as the total loan amount, interest rates, and loan tenure. Simply click here to get started.
If you’re planning to apply for a housing loan from the Central Bank of India, you’ll be pleased to know that their interest rates start from 6.85%. To give you an estimate of your repayment amount, you can use the official CBI Home Loan Calculator. Check out the Central Bank of India EMI Calculator below..
Calculating the EMI for a home loan can be complex, but the Central Bank Home Loan EMI Calculator simplifies the process and provides precise results. To determine the EMI amount, individuals only need to input key information such as loan tenure, interest rate, and principal amount.
Central Bank Home Loan Processing Fee
When you decide to apply for a home loan, the lending bank or institution will charge you a processing fee for the services they provide. This fee is known as the home loan processing fee, and it is non-refundable.
It’s important to note that when applying for a home loan, there will be processing charges that are calculated as a percentage of the total loan amount, It’s also important to keep in mind that if your application is rejected, the processing fee will not be refunded.
It’s important for home loan applicants to keep in mind that the processing fee is not the only charge, There are other costs associated with Central Bank of India’s home loan, so it’s wise to have a clear understanding of the processing fee beforehand, This will help you comprehend the total expenses involved before applying for a home loan.
| Processing Fee | The fee for the loan is 0.50% of the total amount, with a maximum of Rs. 20,000 plus applicable taxes. |
Central Bank Home Loan Interest 2023
When applying for a home loan, it’s crucial to be aware of the interest rate. The interest rate impacts the amount of money you can borrow for your home loan and the total amount you’ll have to pay in EMIs. It’s advisable to keep the interest rate in mind when applying for a home loan. You might want to consider Central Bank Home Loan Interest to get a favorable interest rate. Additionally, you can explore other home loan interest rates here.
| Home Loan Schemes | Interest Rate |
|---|---|
| Cent Home Loan | 8.55 % |
| Cent Home Loan to employees | Contact the bank to know more |
| Cent Home loan Plus | Existing rate + 1 % |
| Cent Combo | Concession of 0.25 % * |
| Cent Home Loan Double Plus | 8.55 % |
| Cent Home Loan scheme for purchasing 3rd or 4th House or Flat | 9.55 % |
Cibil Score for Central Bank Home Loan
In order to be eligible for a home loan from Central Bank of India, certain credit reporting agencies require a minimum credit score..
| Credit Reporting Agency | Minimum Credit Score |
| TransUnion CIBIL | 675 |
| Experian | 700 |
| CRIF | 675 |
NOTE – Home loan interest rates vary according to the bank’s discretion, the information given here is only the current interest rates given by the banks, when you want to apply for a home loan in a bank, you should visit the https://www.centralbankofindia.co.in/en/housing-loan bank’s official website and confirm.