About Central Bank of India Home Loan
Are you searching for a home? Have found it but do not have the lender support? Come to Central Bank of India, which through its different home loan schemes, will help you choose the right option to get your feet into the home of your dreams. The Mumbai-headquartered PSU lender operates with close to 5,000 branches and ATMs that span across as many as 27 states and three union territories of India, giving you ample reason to associate with the bank for your dream home. The bank offers home loan under different categories-
- Cent Home Loan Scheme
- Cent Home Loan Plus
- Cent Home Double Plus Scheme
- Cent Home Loan to Employees of Central & State Govt PSU
Central Bank of India Home Loan Interest Rates November 2023
| Loan Aspects | Details |
|---|---|
| Interest Rate | 8.55% - 9.10% |
| Maximum Loan Amount | Decided upon the repayment capacity of the borrowers and overall property value |
| Loan to Value Ratio | For salaried individuals - 75% to 90% For non-salaried individuals - 75% to 80% |
| Maximum Tenure | 30 years In case of repairs or renovation - 10 years |
| Processing Fee | 0.25% of the total loan amount plus applicable GST charges Maximum - INR 20,000 |
| Prepayment Charges | Nil |
| Moratorium Period | Upto a maximum of 36 months |
Moratorium Period refers to the time during which the borrower is not required to make any payment towards the loan. It actually is a waiting period before the repayment of EMIs, which constitute a portion of the principal and interest amount starts off.
Eligibility Criteria
- Individuals or group of individuals who are 18 years old by the time of making the application
- Members of co-operative societies with a legal, recognized and stable source of income
- Non-resident Indians (NRIs)
Cent Home Loan Scheme
The scheme is suitably designed for individuals looking to serve the following purposes-
- Construction of flat or home
- Purchase of flat or home
- Repairing, renovation or alteration of existing flat or home
Cent Home Loan Plus
The scheme is up for grabs by the existing home loan borrowers who have repaid the home loan EMIs for a minimum period of three years. These borrowers can take this loan to carry out renovation, refurbishment, or furnishing of home with furniture, home theatres or television.
Cent Home Double Plus Scheme
The scheme is available in two parts-
Home loan with overdraft facility – It optimizes the cash flow management while minimizing the burden of interest and offering withdrawal facility as and when needed.
Term Loan – It can be availed to serve purposes such as repairs/refurbishment/renovation
Eligibility Criteria
- Salaried Professionals
- Self-employed Businessmen or Professionals
- Any Other Individuals with a Regular Source of Income
However, the loan amount is restricted to the repayment capacity and net take home of the borrower. Further, charges on stamp duty, registration, documentation, as well as life insurance cost shall not be included in the cost of a home above INR 10 lacs.
Maximum Repayment Tenure – 30 Years
Moratorium Period – Upto 3 Years
Cent Home Loan to Employees of Central & State Govt PSU
As the name suggests, the scheme is exclusively for the employees of central and state government undertakings. The loan scheme can be availed to carry out activities like-
- Purchase or construction of a home
- Repairs, renovation or alteration of the existing home
- Extend the size of an existing home
- Purchase of plot on the grounds of declaration by a borrower stating the construction of home to be completed within two years
Maximum Repayment Tenure – 30 Years
Security – Equitable mortgage of the property to be financed
- Other securities like the mortgage of other property, bank FDR, NSCs, Kisan Vikas Patra, govt bonds & securities must be equivalent to 125% of the loan amount in case the equitable mortgage of the property to be financed is not a possibility.
Guarantee – Not required
These were all about the home loan schemes of Central Bank of India. Now let us understand the function of home loan EMI calculator, and get heard of other crucial stuff for a successful home loan journey via the public lender.
Central Bank of India Home Loan EMI Calculator
Interested in knowing the amount of EMI, which will go towards servicing the loan? Use the home loan EMI calculator and get ready with the prescribed amount every month before it gets paid from your end. Suppose the bank has sanctioned you a loan amount of INR 20 lacs for a tenure of 10 years. You can also know the payouts in different periods of the loan by taking a look at the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.30% | 1 | ₹ 1,74,254 | ₹ 91,053 | ₹ 20,91,053 |
| ₹ 20,00,000 | 8.30% | 2 | ₹ 90,728 | ₹ 1,77,483 | ₹ 21,77,483 |
| ₹ 20,00,000 | 8.30% | 3 | ₹ 62,950 | ₹ 2,66,196 | ₹ 22,66,196 |
| ₹ 20,00,000 | 8.30% | 4 | ₹ 49,108 | ₹ 3,57,183 | ₹ 23,57,183 |
| ₹ 20,00,000 | 8.30% | 5 | ₹ 40,841 | ₹ 4,50,433 | ₹ 24,50,433 |
| ₹ 20,00,000 | 8.30% | 6 | ₹ 35,360 | ₹ 5,45,932 | ₹ 25,45,932 |
| ₹ 20,00,000 | 8.30% | 7 | ₹ 31,472 | ₹ 6,43,664 | ₹ 26,43,664 |
| ₹ 20,00,000 | 8.30% | 8 | ₹ 28,579 | ₹ 7,43,610 | ₹ 27,43,610 |
| ₹ 20,00,000 | 8.30% | 9 | ₹ 26,349 | ₹ 8,45,745 | ₹ 28,45,745 |
| ₹ 20,00,000 | 8.30% | 10 | ₹ 24,584 | ₹ 9,50,046 | ₹ 29,50,046 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,34,027 | ₹ 1,60,978 | ₹ 18,65,972 |
| 2 | ₹ 1,45,584 | ₹ 1,49,420 | ₹ 17,20,388 |
| 3 | ₹ 1,58,138 | ₹ 1,36,866 | ₹ 15,62,250 |
| 4 | ₹ 1,71,774 | ₹ 1,23,230 | ₹ 13,90,475 |
| 5 | ₹ 1,86,587 | ₹ 1,08,417 | ₹ 12,03,887 |
| 6 | ₹ 2,02,676 | ₹ 92,328 | ₹ 10,01,210 |
| 7 | ₹ 2,20,154 | ₹ 74,851 | ₹ 7,81,056 |
| 8 | ₹ 2,39,138 | ₹ 55,866 | ₹ 5,41,918 |
| 9 | ₹ 2,59,759 | ₹ 35,245 | ₹ 2,82,158 |
| 10 | ₹ 2,82,327 | ₹ 12,846 | ₹ 0 |
Central Bank of India Home Loan Documents Required
| For Salaried Professionals | For Self-employed |
|---|---|
| Duly Filled Application Form with 2 Passport Size Photographs | |
| Sale Deed & Agreement of Sale | |
| Bank Property Valuation Report/Full Cost Estimate | |
| Legal Scrutiny Report, Property Tax Payment Receipt, EC for the Last 13 Years, Khata and Permission for Mortgage | |
| Age Proof - Passport/PAN Card or Any Other Certificate from Statutory Authority | |
| Identity Proof - PAN Card/Passport/Voter ID/Driving License | |
| Residence Proof - Passport/Driving License/Voter ID/Ration Card/Telephone Bill | |
| Income Proof - Salary Slips for the Past 3 Months - Form 16 for the Past 2 Years - Latest Bank Statements | Income Proof - ITR for Last 3 Years - CA-certified Profit & Loss Account and Balance Sheet of Last 3 Years - Advance Tax Challans for Last 3 Years - Latest Bank Statements for Own and Business |
| Business Establishment Proof - Any of Service Tax Registration/VAT Registration/Sales Tax Registration or Other Documents Supporting Business Establishment | |
| Other Documents - Title Clearance Report from Advocate & Valuation Report Prepared from a Bank Panel Member | |
Central Bank of India Home Loan Application Form
Want to apply for a home loan at Central Bank of India? Visit the official website of the bank, take a printout of the application form, fill the necessary details and submit it along with documents supporting your identity, residence, income and other details. Alternatively, you can also visit the nearest branch of the bank to access the application form and follow the stuff as stated in the online procedure above.
The bank, upon receiving the application form, will start investigating the details by deploying an executive to visit your residence or office. Only after satisfactory investigation, the bank will approve a home loan. Subsequent to the approval, an architect of the bank panel will visit the property you want to buy. The concerned individual will then make a legal & technical report after assessing the condition of the property and its existing market value. The bank will study the report and set a valuation amount based on the same. Based on your repayment capacity, you can get a loan amount equivalent to 75% of the property value.
Central Bank of India Customer Care Number
Get your queries or complaints regarding the home loan resolved by dialing the 24×7 toll-free number-1800 200 1911 of Central Bank of India. Be it the issue of EMI payment, loan statement, approval or disbursal of the loan, the customer care executives are ready with feasible solutions and tips to make your journey a smooth one.
