Central Bank of India Home Loan Highlights | |
| Interest Rate | 8.35% – 9.35% p.a. |
| Loan Amount (LTV Ratio) | For Salaried: Up to 90% of loan cost For Non-Salaried: Up to 80% of loan cost |
| Tenure | Up to 30 years |
| Processing Fee | 0.50% of loan amount subject to Rs 20,000 |
Note: Rates as of 19th January 2023
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Table of Content
Central Bank of India Home Loan Interest Rates
| Types of Central Bank Home Loans | Rate of Interest (p.a.) |
| Grih Lakshmi Home Loan | 8.35%-8.45% |
| Cent Home Loan | 8.55%-9.35% |
Note: No fresh sanction to customers with credit scores below 675 from CIBIL/CRIF and below 700 from Experian
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| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.75% - 9.50% | 8.75% - 9.40% | 8.75% - 9.40% |
| HDFC | 8.65% - 10.35% | 8.65% - 10.60% | 8.65% - 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% - 9.85% | 8.75% - 9.85% | 8.75% - 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% - 13.00% | 8.75% - 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% - 9.35% | 8.55% - 9.25% | 8.55% - 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Godrej Housing Finance | 8.39% - 10.99% | 8.39% - 10.99% | 8.39% - 10.99% |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 8.60%-9.95% | 8.60%-10.00% | 8.60%-10.05% |
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Central Bank of India Home Loan Fees and Charges
| Processing Charges | 0.50% of loan amount subject to Rs 20,000 |
| Documentation Charges | Rs 1,350 + GST For Top-up loan- Rs 450 + GST |
Types of Central Bank of India Home Loan
Cent Grih Lakshmi
Purpose: Home loan for women applicants wherein the sole or primary applicant is women
Tenure: Up to 30 years
Minimum Credit Score:
- CIBIL/CRIF- 725 or above
- Experian- 750 or above
Note: Borrowers with NIL/insufficient credit history are also considered
EMI Waivers*:
| 30 years | 05 EMIs |
| 25 years | 04 EMIs |
| 20 years | 03 EMIs |
*offered only on regular repayment throughout the loan tenure.
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Cent Home Loan
This is a regular home loan scheme offered for the following purposes:
Purpose:
- For acquiring/construction of new home or flat, or for acquiring existing home or flat with remaining life of applied loan tenure plus 10 years
- For renovation/repair/alteration of existing home/flat
Tenure:
- Up to 30 years
- For repair/renovation- Up to 10 years
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
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Cent Home Double Plus Scheme
Purpose:
- Home Loan with overdraft facility
- Term Loan for Other Purposes such as repair/renovation/refurbishing or furnishing of new house/purchase of new vehicles/purchase of consumer durables/furniture/solar energy equipment/marriage/education/medical/holiday/tour
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Tenure: Up to 30 years
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Cent Home Loan Scheme for Purchasing 3rd or 4th house/flat
Purpose: Home loan for construction, purchase of new house/flat or purchase of existing house/flat which is not older than 40 years and has remaining life of 10 years more than loan tenure
Loan Amount (LTV Ratio):
For Salaried Borrower-
| For loan amount up to Rs 30 lakh | Up to 90% (For construction/purchase of new or existing flat/extension of new or existing flat) Up to 75% (For repair/renovation/alteration subject to maximum loan amount of Rs 10 lakh) Up to 75% (For plot purchase) |
| Loan amount above Rs 30 lakh-Rs 75 lakh | Up to 80% (For construction/purchase of new or existing flat or home/extension of existing flat/house) Up to 75% (For plot purchase) |
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat/extension of existing house/flat/plot purchase) |
For Non-Salaried Borrower-
| For loan amount up to Rs 75 lakh | Up to 80% (For construction/purchase of new or existing flat/extension of new or existing flat) Up to 75% (For repair/renovation/alteration subject to maximum of Rs 10 lakh) Up to 75% (For plot purchase) |
| Loan amount above Rs 75 lakh | Up to 75% (For construction/purchase of new or existing flat or home/extension of existing flat/house) |
Tenure:
- For construction/purchase of new house or existing flat not older than 10 years: Up to 30 years (salaried); Up to 25 years (non-salaried) or up to 70 years of age of the borrower
- For purchase of flat/house older than 10 years: Up to 25 years or 70 years of age of the age
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Top-up Facility to Cent Home Loan Beneficiaries
Purpose:
- Home loan top-up facility for additional loan on the existing home loan for construction/purchase of new house or flat or for acquiring existing home/flat and for repair/renovation/alteration of existing home/flat
Loan Amount (LTV Ratio):
For Salaried Borrowers-
| Loan amount up to Rs 30 lakh | Up to 90% of the cost of property |
| Loan amount between Rs 30 lakh-Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
For Non-Salaried Borrower-
| Loan amount up to Rs 75 lakh | Up to 80% of cost of property |
| Loan amount above Rs 75 lakh | Up to 75% of cost of property |
| For carrying out repair/renovation/alteration/extension of existing house/flat | Up to 75% of cost (subject to maximum loan amount of Rs 10 lakh) |
| Purchasing plot for house construction | Up to 75% of the cost of plot (the cost of plot should not exceed 75% of the total project cost of the house property) |
Tenure:
- Up to 30 years or 75 years of age of the borrower
- For repair/renovation- Up to 10 years
Eligibility Criteria for Central Bank of India Home Loan
- Individuals, group of individuals (18 years of age on date of application), and including co-operative societies with identified, legal, regular income source either alone or jointly with spouse, parents, son
- NRI can also apply for the home loan
- Net Annual Income:
| Net Annual Income | EMI/NMI Ratio |
| Up to Rs 1.20 lakh | 20% |
| Above Rs 1.20 lakh up to Rs 3 lakh | 30% |
| Above Rs 3 lakh up to Rs 5 lakh | 55% |
| Above Rs 5 lakh up to Rs 8 lakh | 60% |
| Above Rs 8 lakh up to Rs 10 lakh | 65% |
| Above Rs 10 lakh | 66.67% |
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Central Bank of India Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. Does Central Bank of India offer preferential rates to women borrowers?
Ans. Yes, Central bank of India offers an interest rate concession of 20 bps to women borrowers with waiver of last few EMIs.
2. Who can be the co-applicant for my home loan availed from Central Bank of India?
Ans. Parents, sons, spouse, brothers, sisters and daughters can be the co-applicant to your home loan.
3. What is the moratorium period offered to the applicants of Central Bank of India Home Loan?
Ans. Central Bank of India offers moratorium period of more than 18 months up to 24 months for home loan applicants.
4. At what minimum credit score can the applicants avail home loans from Central Bank of India?
Ans. Central Bank of India requires home loan applicants to have CIBIL score of 675. In case of CRIF and Experian, the home loan applicants are required to have credit scores of at least 675 and 700 respectively.