Central Bank of India Home Loan

Founded in 1911, Central Bank of India is one of the leading commercial banks in India. The bank offers manifold home loan options for its customers. Central Bank of India’s home loan interest rate starts from 8.60% p.a.

Central Bank of India Home Loan Eligibility

Interest Rate	8.60% onwards
Processing Fee	Upto 0.50% -Maximum Rs. 20,000
Max Tenure	30 years
Lowest EMI	Rs. 776 per lakh
Prepayment Charges	Allowed with Nil charges for floating rate loans
Age Eligibility	Min 18 and Max 60 years for Salaried
	Min 21 and Max 65 years for Self Employed

Central Bank of India Home Loan Interest Rates

Loan Amount	Central Bank of India Home Loan Interest Rate
Upto Rs. 25 Lakh	8.60% pa Onwards
Rs. 25 Lakh – 75 Lakh	8.60% pa Onwards
Rs. 75 Lakh – 1 Cr	8.60% pa Onwards
Above Rs. 1 Cr	8.60% pa Onwards

Rate of Interest for Cent Home Loan

Floating home loan is provided at the bank’s current MCLR i.e. 8.60%

Rate of Interest for Cent Home Loan Plus

The rate of interest will be 1% more than the rate of existing housing loan in case of refurbishment, buying of furniture, television, home theater etc. which means MCLR + 1%.

Rate of Interest for Cent Home Double Plus Scheme

Retail Scheme	MCLR (1 Year)	Spread
Cent Home Loan Double Plus (OD)	8.60%	+0
Cent Vehicle (2 Wheeler)	8.60%	+0.40
Cent Vehicle (4 Wheeler)	8.60%	+1.50

MCLR revised rates w.e.f. 01.09.2018

Documents Required for Central Bank of India Home Loan

List of documents applicable to all applicants;

• Personal Documents
• Completed loan application
• 2 passport size photographs
• Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
• Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
• Proof of business address, in case of non-salaried borrowers.
• Statement of bank account for the last six months.
• Signature identification from present banker.
• Personal Assets and Liabilities Statements in Bank’s standard format.
• Brief write up of securities charged in respect of other loans availed from our Bank/other.
• Banks/ Housing and Auto Finance Companies / other sources.
• Sale Deed, Agreement of Sale. Original Share Certificate(s) issued by the society.
• Land and Building tax paid receipts, possession certificate, and noc certified by revenue authorities. In case of loan granted for purchase of plot of land, declaration by the borrower agreeing to construct the house within the stipulated period. Valuation report from empanelled valuers as per standard format.

Processing Fees & Charges

• Processing fee for Cent Home Loan is @ 0.50% of the Loan Amount or maximum Rs.20,000/-.
• Processing fee for Cent Home Loan Plus is Rs. 500/- for each loan application.
• Processing fee for Government Employees is either @ 50% of the loan amount or Rs.20, 000/- whichever is higher.
• Processing fee for Cent Home Double Plus Scheme is @ 0.50% of the Loan Amount subject to maximum Rs.20,000/-.
• Processing fee for Cent Combo Scheme is @ 0.25% of the entire loan amount, maximum Rs. 20,000 + tax.
• Processing fee for Cent Direct Housing Finance for IDA Members is @ 0.50 %, maximum Rs.10,000/-.

Interest Subsidy for Housing the Urban Poor (ISHUP) Scheme

Based on directive of the Ministry of Housing and Urban Poverty Alleviation, the Government of India has drafted an Interest Subsidy Scheme on home loans to gratify the need of affordable housing of Economically Weaker Section (EWS) and Low Income Group (LIG) category of the Indian economy. This scheme intends for the idea of Affordable Housing for all for those who owns a plot in residential or any other notified area in any urban area, however don’t have any pucca house to live in. All such plot holders are covered under this scheme either in their name or of any family member. Central Bank, being one of the foremost banks in spreading its banking services to every class of society, is also an implementing partner under this scheme. Other Notable features of this scheme are:

• The scheme is offered to people from Economically Weaker Section (EWS) of society with monthly household income upto Rs. 3300/- and to Low Income Group (LIG) having a household income above Rs. 3301/- and up to Rs. 7300/-
• Subsidized loan for a term of 15 to 20 years is given to EWS segment and a maximum loan amount up to Rs 1.00 Lakh per person can be availed.
• For the LIG segment financial assistance will be given for a maximum loan amount upto Rs. 1 Lakh only and thereafter if required shall be unsubsidized. The maximum loan amount up to 1.60 Lakh can be offered to LIG group under this scheme.
• A Moratorium Period of 12 months post disbursement of first installment or 2 months post completion of the of construction of house is offered under this loan scheme.
• No Prepayment charges and processing fee is charged.
• The primary security for loan amount up to 1 lakhis done in the form of mortgage of house. However No Collateral security or Third party guarantee for loan up to of Rs 1.00 lakh is required apart from the group guarantee.
• For Loan amounts more than 1 lakh, the Mortgage of constructed property for the loan tenure is required. The dwelling units will be mortgaged to Central Bank and with no ownership rights to the property owner to sell off the property.
• The Repayment commences after 12 months post disbursement of the loan or 2 months after the completion of constructions of the house.
• The repayment shall be done in the form of installments which shall be decided by the bank on the basis of expected cash flow from the income activities of the applicant. It’s the impetus of central bank to ensure that the installment fixed on home loan under this scheme are not only borrower friendly but also realistic.
• The eligible applicants can directly approach the nearest central bank branch or the state housing board to avail loans under this scheme.
• Minimal documentation is required for the loan and complete assistance by Central Bank service desk is provided from application till the disbursal of loans.

Other Terms & Conditions

• Moratorium Period -12 months
• Repayment- After 12 months from the first disbursement or two months after completion of constructions.
• Installment- Borrower friendly and to be decided on realistic expected cash flow from the activities of the borrower.
• Charges – No prepayment / service charges.

Central Bank Home Loan EMI Calculator

Paisabazaar provides the facility of EMI calculators. With the help of this calculator, an individual can find out the Equated Monthly Installments as per his/her eligibility. The applicant can access Paisabazaar.com site at any time and use the calculator and calculate his/her EMIs depending upon the amount of home loan he/she wishes to apply for. All he/she needs to do select the amount that he/she wishes to borrow, and the anticipated Central Bank Home loans interest rate. After having selected the desired amount, the user now needs to select the tenure for which he needs the loan, i.e. the repayment period as per his/her convenience. EMI and repayment period share an indirect relationship with each other, i.e. the longer the tenure, the lower is the EMI and vice-versa. Using the slider, the user can exercise various options and play with different repayment period till he/she reaches an EMI amount suitable to him/her.

How to Apply for a Central Bank of India Home Loan Online?

The bank offers Home Loan application via Paisabazaar.com. Any customer wanting to avail of any of the Home Loans offered by Central Bank can visit the mentioned website, fill up the required details and apply for the loan.

Central Bank of India Home Loan Variants

The variants of home loans provided by Central Bank of India are as follows:

1. Cent Home Loan
2. Cent Home Loan Plus
3. Cent Home Loan for Government Employees
4. Cent Home Double Plus Scheme
5. Cent Combo
6. OD TOPUP FACILITY TO CENT HOME LOAN BENEFICIARIES
7. Cent Home Loan Scheme for purchasing 3rd or 4th house/flat

Central Bank Cent Home Loan Scheme

• Central bank offers home loan for construction or acquiring of new home /flat or for purchase of existing home / flat which has residual life of 10 year over the loan period.
• Cent Home loan is also offered for customers who want repairs/ alteration or renovation of their existing home / flat and purchase of plot.
• Any resident Individuals or groups of individuals, of more than 18 years of age or any duly registered Cooperative Societies with a lawful & identified regular source of income are eligible for Cent Home Loan S
• Individuals may apply for home loan as either single or jointly with family members such as parents, children, spouse.
• Non Resident Indians (NRIs) are also eligible for home loan scheme by Central Bank of India.
• The loan is generally sanctioned for maximum repayment period of 30 years or on borrower attaining the age of 70, whichever is earlier.
• The maximum tenure offered for Repair/Renovation loan is 10 years.
• The loan amount depends on repayment capacity of the applicant & value of said property.
• Maximum Moratorium Period is upto 36 months.
• Processing charges are 0.50% of the loan amount subject to Rs. 20,000
• Rate of Interest is on floating basis

Loan Amount	Margin (Maximum percentage of loan)
Up to Rs. 30 Lakhs	90% of purchase/Construction cost
Above Rs. 30 Lakhs – up to Rs. 75. 00 Lakhs	80% of purchase/Construction cost
Above Rs. 75.00 Lakhs	75% of purchase/Construction cost
For repairs / alteration / renovation of existing house / purchase of plot.	75% of purchase/Construction cost

Security / Collateral

• Registered equitable mortgage of the property to be procured is required as collateral security for the home loan.
• In cases where the mortgage of the financed property is not feasible due any particular reason, bank may accept other tangible securities which could be mortgage of some other owned property, pledge of bank’s Fixed Deposit Receipts / Govt. Securities/ LIC policy / KVPs / NSCs / IVPs, any other Government Bonds, etc. equivalent to 125% of the sanctioned loan amount.
• No personal or third party guarantee is required.

Cent Home Loan Plus

• A special home loan scheme for Existing Borrowers who have successfully repaid their home loan installments regularly for at least 3 years.
• The loan is generally offered for renovation / refurbishment /furnishing of house or buying household items, such as furniture / LCD TV / other consumer durables,
• The acceptable security is further Extension of mortgage on the property for which home Loan was previously sanctioned.
• Maximum loan amount available under this scheme is Rs.10 lakhs.
• The repayment is to be done is 10 years in form Equated Monthly Installments (EMI).
• Processing fee is Rs. 500 per loan

Cent Home Loan for Government Employees 

• A home loan scheme designed especially for permanent Employees of Central or State Governments, or listed Public Sector Units under Central Government.
• The loan is offered for purchase or construction new house / flat or existing property which is not more than 30 years old.
• Extension of the already acquired house/flat.
• Repairs or renovation work of existing house/flat.
• Purchase of plot subject to declaration from the borrower to start the construction of house on the purchased plot within the 2 years.
• The maximum repayment tenure allowed is 30 years or the borrower attaining 70 years whichever is earlier.
• Nil prepayment charges are applicable on floating rate home loans.

Maximum Loan Amount & Margins

The maximum loan amount is subject to monthly Net Take Home salary of the applicant.

Construction/ Purchase of New or existing property

Loan Amount	Margin (Maximum percentage of loan amount)
Up to Rs. 20 Lakhs	90% of purchase/Construction cost (Margin 10%)
Above Rs. 20 Lakhs – up to Rs. 75. 00 Lakhs	80% of purchase/Construction cost (Margin 20%)
Above Rs. 75.00 Lakhs	75% of purchase/Construction cost (Margin 25%)

For repairs/renovations/alterations of existing house/flat

Maximum loan amount could be 75% of the estimated cost or Rs 10 lakh whichever is higher. The margin is kept at Minimum 25% in case repairs / alteration / renovation of existing house.

For Purchase of plot

Maximum loan amount could be 75% of the registered value of the plot. The margin is kept at Minimum 25%

Security/Collateral

• Registered equitable mortgage of the property to be procured is required as collateral security for the home loan.
• In cases where the mortgage of the financed property is not feasible due any particular reason, bank may accept other tangible securities which could be mortgage of some other owned property, pledge of bank’s Fixed Deposit Receipts / Govt. Securities/ LIC policy / KVPs / NSCs / IVPs, any other Government bonds, etc. equivalent to 125% of the sanctioned loan amount.
• No personal or third party guarantee is required.

Cent Home Double Plus Scheme

This home loan scheme is offered in two variants:

1. Home loan with Overdraft Facility
2. Term Loan for repair/ Renovation of existing property.

Home loan with Overdraft Facility

• The overdraft facility is offered for construction / purchase of new or existing property. Also the Extension of existing house is included.
• This allows borrower to minimizing interest Burden as the cash is withdrawn as and when required at the various stages of construction.
• The loan is available to Individual salaried staff, self-employed individuals, professional, any other individual having a regular source of income.
• The applicant/s must be 18 years old (completed) as on the date of application.
• The Moratorium period offered is upto 36 months.
• Repayment period of the loan can go upto 30 years
• Processing charges are 0.50% of the loan amount subject to Rs. 20,000

Net Salary Norms:

Annual Income	Net Take Home Pay/Income
Upto Rs.5 Lakh	35%
Above Rs.5 Lakh But Upto Rs.10 Lakh	30%
Above Rs.10 Lakh	25%

Loan Amount

• Amount up to Rs. 20 lakhs – The Maximum limit offered is 90% of the construction cost / purchase cost or extension cost of new / existing property including cost of land.
• Amount above Rs.20 lakh and up to Rs.75 lakh- The Maximum limit offered is 80% of the construction cost / purchase cost or extension cost of new / existing property including cost of land.
• Amount above Rs. 75 lakhs -The Maximum limit offered is 75% of the construction cost / purchase cost or extension cost of new / existing property including cost of land.

Security/Collateral

• Registered equitable mortgage of the property to be procured is required as collateral security for the home loan.
• In cases where the mortgage of the financed property is not feasible due any particular reason, bank may accept other tangible securities which could be mortgage of some other owned property, pledge of bank’s Fixed Deposit Receipts / Govt. Securities/ LIC policy / KVPs / NSCs / IVPs, any other Government bonds, etc. equivalent to 125% of the sanctioned loan amount.
• Waiver on Condition of Guarantee for salaried individuals maintaining a salary account with Central Bank irrespective of loan amount.
• For self-employed persons/professionals no guarantee is required for loan amount up to Rs.20
• Spouse, parents / siblings to be co-applicant in loans above Rs.20 lakh to professional / self employed persons.

Cent Home Double Plus Term Loan

• Cent Home double plus Term Loan is for such borrowers who are availing Cent Home Double Plus and now surplus loan for renovation & repair post 3 years of last disbursement of Cent Home Double Plus loan and on regular repayment.
• Borrowers who are planning for Extension of existing property are eligible after 1 year from last disbursement of Double Plus scheme & on regular repayment.

Cent Combo Scheme

• A special combo scheme with attractive discounts on interest rate, if both Home loan and vehicle loan are taken together.
• Minimum Rs. 4 lakh. as the average yearly income of the borrower of last 2 years as per I.T. Return
• The Minimum Home Loan should be of Rs. 20 lakh to avail this scheme.
• For loans up to Rs. 20 lakh as home loans and 20 lakh as vehicle loans (i.e. combined loan amount max Rs.40 lakh), the Margin is 10%.
• For loans above INR 20 lakh as home loans and 20 lakh as vehicle loans (i.e. combined loan amount is more than 40 lakhs), the Margin is 20%
• The net take home salary / income should not be less than 30%, 25% and 20 % for individuals with annual income as up to 5 lakhs, between Rs. 5 lakhs to 10 lakhs and beyond Rs. 10 lakhs respectively