Central Bank of India Home Loan

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  • Interest Rate: 8.0% onwards
  • Loan Tenure: Upto 30 years
  • Processing Fees: 0.50% of the loan amount

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CIBIL TERMS AND
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To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

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D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

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G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

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K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

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Date :28/01/2020

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Date : 28/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

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Date :28/01/2020

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YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

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Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
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I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

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Date :28/01/2020

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CRIF HIGH MARK TERMS
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YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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Updated: 06-01-2020 10:41:00 AM

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 8.0% p.a.

Central Bank of India Home Loan Eligibility

Interest Rate8.0% onwards
Processing FeeUpto 0.50% -Maximum Rs. 20,000
Max Tenure30 years
Lowest EMIRs. 776 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Age EligibilityMin 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 AmountCentral Bank of India Home Loan Interest Rate
Upto Rs. 25 Lakh8.0% pa Onwards
Rs. 25 Lakh – 75 Lakh8.55% pa Onwards
Rs. 75 Lakh – 1 Cr8.55% pa Onwards
Above Rs. 1 Cr8.55% pa Onwards

Rate of Interest for Canara Bank’s Cent Home Loan

Floating home loan is provided at  8.0%

Rate of Interest for Canara Bank’s 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 CBI’s Cent Home Double Plus Scheme

Retail SchemeMCLR (1 Year)Spread
Cent Home Loan Double Plus (OD)8.50% Onwards+0
Cent Vehicle (2 Wheeler)8.50% Onwards+0.40
Cent Vehicle (4 Wheeler)8.50% Onwards+1.50

MCLR revised rates w.e.f. 01.09.2018

List of Documents Required for Central Bank of India Home Loan

  • 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.

Types of Central Bank of India Home Loan

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 AmountMargin (Maximum percentage of loan)
Up to Rs. 30 Lakhs90% of purchase/Construction cost
Above Rs. 30 Lakhs – up to Rs. 75. 00 Lakhs80% of purchase/Construction cost
Above Rs. 75.00 Lakhs75% 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 AmountMargin (Maximum percentage of loan amount) 
Up to Rs. 20 Lakhs90% of purchase/Construction cost (Margin 10%)
Above Rs. 20 Lakhs – up to Rs. 75. 00 Lakhs80% of purchase/Construction cost (Margin 20%)
Above Rs. 75.00 Lakhs75% 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 IncomeNet Take Home Pay/Income
Upto Rs.5 Lakh35%
Above Rs.5 Lakh But Upto Rs.10 Lakh30%
Above Rs.10 Lakh25%

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.

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